Short YouTube explainer by Dr. Ndubuisi 'Andy' Egwim (founder of Moneywise) defining the legal term 'bona vacantia' (ownerless goods) and warning that assets of people or dissolved companies without proper wills or known heirs can pass to the Crown in the UK. The video urges viewers—especially doctors—to have wills and estate plans to prevent assets unintentionally becoming government property.
Bona Vacantia. Cheers, mate. So it sounds like an Italian wine, right? Well, I don't know much about wines but I do know how to help you avoid financial mistakes. I'm Dr. Andy Gwin. I'm the founder of Moneywise. Dr. So what is bona Vacantia? Here's a clue. It has nothing to do with wine and it's definitely not a good thing. Bona vacancia is a legal term meaning ownerless goods. So in the uk, if someone died without a will or no known hairs or if a company is dissolved without properly distributing its assets, those assets become bona vacantia and pass to the crown. That means your hard earned assets could end up in government hands if proper steps are not taken. We don't want that. So make sure your will and the rest of your estate plan are in order because in this case, border of accounts are not something you would want to to cheers to making smart financial decisions. Follow for more insights on how to avoid big money mistakes. Bye.
