Making a Will is a big decision for most people to make. The main question to think about is usually “Who do I want to leave my money to?” rather than “Who do I want to leave my money to if all of these people die at the same time as me?”

The recent death of Richard Cousins reminds us of the importance of considering this second question. Mr Cousins was a 58-year-old widower who, along with his fiancée and her daughter and his own two sons, died in a sea plane accident on 31 December 2017. As the head of a catering company, Mr Cousins had a multi-million pound fortune when he died and had intended in his Will to leave the majority of his estate on trust for his two sons as his beneficiaries.

However, Mr Cousins’ Will also included a provision about his wishes if his beneficiaries died at the same time as him or within close proximity of his death. This provision is often called the “ultimate disaster clause”. Mr Cousins’ had decided that in these circumstances he wanted Oxfam to be the principle beneficiary of his estate. It has been reported that, in accordance with Mr Cousins’ Will, Oxfam will now receive a legacy of approximately £41 million and his two brothers will each receive £1 million. 

Without an “ultimate disaster clause” in your Will, your estate would be distributed according to intestacy rules. This could mean that your estate passes to a parent you have fallen out with, a sibling you no longer see, or remoter family members that you’ve never met.  To avoid this situation, you should take some time to consider where you would like your money to go if your loved ones unfortunately die at the same time as you.