Don’t put off your Will
It is understandable that so many of us put off the task of making a Will. It makes us think about our mortality and consider things which we hope will never happen. However, without one, you might be surprised to find out how easy it is for your assets to be distributed in an undesirable way. The exact rules of distribution depend where you live.
In the British Isles the rules will differ slightly between Scotland, Ireland and England & Wales. However, if you are not married, for example, the law is united in saying your partner may get nothing. Without a marriage certificate, your children and parents will benefit instead.
Even if you are married, there are many good reasons for making a Will. First and foremost, it allows you to take positive decisions over who gets what – including friends, friends’ children, charities and local societies who are entitled to nothing without your say. You can also decide if ex-partners – or perhaps more importantly, ex-partner’s children – should be helped out.
If your estate is greater than £325,000 (£650,000 for married couples), a Will can help you plan to reduce your Inheritance Tax liabilities. In thinking like this, making a Will can actually become a positive, rather than negative experience. Considering such things in advance can help your peace of mind and ensure that all your family and friends will be looked after in exactly the way you want them to be.
The Financial Services Authority does not regulate Will Writing and some forms of Inheritance Tax Planning.
November 2012Important Note: Material within this article has been complied with the help of the Marketing Hub which is part of Marketing In Practice Ltd on behalf of your professional financial adviser. The contents of this document do not constitute advice and should not be taken as a recommendation to purchase or invest in any financial product. The value of a market investment can go down as well as up and you may not get back the full amount, particularly in the short term. Before taking any decisions, we suggest you seek advice from a chartered financial planner. This article is distributed for educational purposes and should not be considered investment advice or an offer of any product for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but is not guaranteed. Past performance is not indicative of future results and no representation is made that the stated results will be replicated.