When you die, what happens to your money depends on a few different factors, including whether or not you have a will and what assets you own. Here’s a general overview of what might happen to your money when you die:
If you have a will:
If you have made a will before you die, your assets will be distributed according to the instructions you have set out in the will. This includes any property, money, and other possessions you own.
If you don’t have a will:
If you die without a will (known as dying “intestate”), your assets will be distributed according to the laws of intestacy in the country where you live. This usually means that your assets will be divided among your closest family members, such as your spouse, children, or parents.
Jointly-owned assets:
If you own assets jointly with someone else, such as a joint bank account or a property you own with your spouse, these assets will usually pass automatically to the surviving joint owner(s) when you die.
Debts:
Any debts you have will need to be paid off before your assets can be distributed to your beneficiaries. This includes things like mortgage debts, credit card debts, and loans.
It’s important to note that the above is a general guide and the specifics of what happens to your money when you die will depend on your individual circumstances. If you have specific questions about what will happen to your assets when you die, it is a good idea to seek advice from a financial professional or a legal advisor.