Hello! I’m curious for in the event I pass, what would happen to my balances as banking is new to me (I also have a medical issue which means I could pass for those curious about why I’m asking this also the fact that corona is rising again)
All assets, property, money, investments etc become part of your Estate. This is then distributed in accordance with your Will (if you have one), after any debts/bills are cleared.
That’s the simplest way I can put it.
Ahh thank you so kinda how I’m still a teenager I’m assuming it’ll go to my parents as I don’t have a will?
try the quick quiz on the Govt website if you die without a will
Some extra info here too;
If you’re in England or Wales, you can’t write a will until you are 18 (unless you fall into a few very rare categories like being in the Forces). If you don’t have any children, your estate is distributed equally to your parents.
You should talk to your folks if you have any wishes that you’d like them to do, such as donating to charity.