There are only two things certain in life, according to Benjamin Franklin in 1789: taxes and death.
As pessimistic as this sounds, death will affect us all. You may not like it, but you do need to plan for it.
What may (or may not) surprise you is that over 60% of the British adult population have no will in place. 25% of people aged over 55 have no will either. This often comes from the logic that death is not imminent or expected, but also that they have so little money to divide up after death. What’s interesting though is that the average person has property worth £214,000 which increases annually as property prices rise.
There’s other reasons too.
The most common reason people gave for not yet having a will was simply that they are putting it off until they are older (23 per cent), but 16% said they didn’t think they would have enough left to be worth passing on when they die. Or, it never occurred to them to get a will (13%) and assuming that their estate will automatically go to the right person when they die (11%).
Let’s look first at the importance of beginning the process of making a will.
- If you die and have not prepared a will, there are rules which state how your money and assets will be shared and this may not be what you wanted.
- Unmarried partners cannot inherit without the existence of a will.
- Inheritance tax may be decreased if legal advice is sought and a will is made.
- The provision for children should one or both parents die.
I can advise you on the intricacies and idiosyncrasies of wills so that there are no disputes or misunderstandings, ensuring there are no errors in the will.
Alongside the actual will is the Power of Attorney which is a legal document authorising someone else (the attorney) to make business, legal and financial decisions on your behalf.
I hope you are now convinced of the importance of making a Will.
If you’re still not sure, read what the Prudential has to say:
Whether you have a will in place or not is one of the things that will be at the forefront of any financial planner’s mind. It’s important to have an up-to-date will to ensure that your estate passes to those you want it to, as tax efficiently as possible, when you die. Trusts are often created in wills to control an estate beyond death, perhaps due to complicated family circumstances or when considering the financial position of the beneficiaries. Making a will can range from being a fairly simple to a very complex area of financial planning and an adviser can work together with a solicitor to make sure you have the right will in place for your personal circumstances.”
Contact me today to discuss creating a Will and Power of Attorney.