Money Box Live: How Do Wills Work?

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 24 April 2024

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

More than half of adults don't have a Will according to new research from insurance company Canada Life. The main reason people say they haven't sorted one is that they don't think they have enough money to leave behind.

So what types of Will are there and what do they mean? We'll be hearing from one man who says he was disinherited over changes to a Mirror Will. We also speak to a mother concerned about digital assets following the death of her son.

Plus, what happens if you don't have a Will at all, where will your estate go?

Felicity Hannah is joined by Nina Sperring, Partner at Price, Slater, Gawne solicitors and is a member of STEP, the Society of Trust and Estate Practitioners which specialises in estates and Wills and Jade Gani, Chief Executive of Circe Law and a Director of The Association of Lifetime Lawyers.

Presenter: Felicity Hannah Producer: Sarah Rogers Reporter: Neil Morrow Editor: Jess Quayle

(This episode was first broadcast at 3pm Wednesday March 27th 2024)

Transcript

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0:00.0	You are about to listen to a BBC podcast and I'd like to tell you a bit about what goes into making one.
0:06.5	I'm Sadata Sese, an assistant commissioner of podcasts for BBC Sounds.
0:11.2	I pull a lot of levers to support a diverse range of podcasts on all sorts of subjects,
0:16.0	relationships, identity, comedy, even one that mixes poetry, music and inner city life.
0:22.4	So one day I'll be helping host develop their ideas, the next fact-checking, a feature,
0:28.3	and the next looking at how a podcast connects with its audience, and maybe that's you.
0:33.6	So if you like this podcast, check out some others on BBC Sounds.
0:39.5	BBC Sounds, music, radio podcasts.
0:43.1	Hello, on this Moneybox Live podcast, we're talking about wills.
0:47.1	After all, there are only two certainties in life, death and taxes.
0:51.2	And we talk a lot about taxes here at Moneybox.
0:53.5	Today, we're looking at the other one.
0:55.6	More than half of adults don't have a will. That's according to new research from Canada
0:59.8	life. And the main reason people say they haven't sorted one is they don't think they've got enough
1:04.6	money to bother. I don't have a will unfortunately, mate, no. There's no one to leave anything
1:08.2	of my properties to. And even when a will is in place,
1:11.8	there can still be painful family drama. My stepmother changed her will and we had no idea
1:19.4	that I'd been disinherited. Plus, in this brave new world, there may be all sorts of digital assets
1:26.3	that your loved ones can't even access.
1:28.3	My own son had decided to buy some Bitcoin and he very tragically died and we have never been able to get access to it.
1:36.3	Wills can be a funny mix. They're a boring admin task, but they also carry a real emotional punch.
1:43.3	Today we're answering your questions and
	...

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