Estate Planning
People do not like thinking about death and the effects it has on those they leave behind, but it is something that has to be faced eventually. By making a Will you can ensure that your assets go to those you wish should have them.
There are some assets that cannot be given away in your Will (eg. property you hold in joint names usually passes automatically to the other joint owner) but most of your property can be dealt with by a Will.
There are some assets that cannot be given away in your Will (eg. property you hold in joint names usually passes automatically to the other joint owner) but most of your property can be dealt with by a Will.
Making a valid Will:
A Will is essential to ensure that your wishes are adhered to after your death. Here are three reasons why you should make a Will:
If you have not made a valid Will, your property will pass according to the Law of Intestacy. This is a complex area that can result in your assets and possessions being distributed against your wishes.
A Will is essential to ensure that your wishes are adhered to after your death. Here are three reasons why you should make a Will:
- A Will guarantees that your assets and possessions go to the people and/or the causes that you desire
- A Will can ensure that your financial legacy remains within your family for the betterment of your children and grandchildren
- A Will, with measured planning, can reduce the amount of inheritance tax due on your estate after your death
If you have not made a valid Will, your property will pass according to the Law of Intestacy. This is a complex area that can result in your assets and possessions being distributed against your wishes.
Things to consider:
If you are married:
Don't assume "my other half will get everything". Brothers and sisters or parents may have a claim. Often your children have a right to part of your estate. If you are living as a couple but not officially married, you may be treated as a single person and a surviving partner may get nothing at all.
If you are a parent:
You should consider who would look after your children in the event of your death. This is particularly important in the case of one parent families or unmarried parents living together. A valid Will nominating guardians is invaluable in such cases. The Court can decide on the future of your children, and it may not be what you or your children would have wished.
If you are retired:
If you made a Will a long time ago, it probably needs updating to include additional grandchildren or deletion of persons you no longer feel you wish to leave anything to.
Don't assume "my other half will get everything". Brothers and sisters or parents may have a claim. Often your children have a right to part of your estate. If you are living as a couple but not officially married, you may be treated as a single person and a surviving partner may get nothing at all.
If you are a parent:
You should consider who would look after your children in the event of your death. This is particularly important in the case of one parent families or unmarried parents living together. A valid Will nominating guardians is invaluable in such cases. The Court can decide on the future of your children, and it may not be what you or your children would have wished.
If you are retired:
If you made a Will a long time ago, it probably needs updating to include additional grandchildren or deletion of persons you no longer feel you wish to leave anything to.
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