This can have serious consequences, especially if you’re a parent or own a property. Dying
without a will, the law will simply run its course, often against your wishes.
Why Planning Ahead Is Essential - The technical term for passing away with no valid will is ‘dying intestate’. If this happens your money, possessions and property will be divided up according to the law, and your loved ones could stand to inherit nothing.
Additional advice should be sought if you or a loved one is facing the possibility of losing mental capacity. In this case, it’s critical you get a Lasting Power of Attorney. Without an LPA, your finances and assets could be handed over to an external deputy to manage, which can be difficult for the family and very expensive. An LPA will ensure that someone you know and trust will be in charge of your finances and assets, and leave you and your family with peace of mind.
It’s important to make sure your Will is air-tight and law-abiding - which is why you should get a professional Will drawn up. For couples who would like joint Wills, Mirror Wills are an option. Maplebrook-Wills offer flexible home visits and advice on how to pay less inheritance tax and protect your assets.
You could alternatively invest in a Living Trust, which might make the exchange of assets quicker and cheaper for your family.
What is a Living Trust? - Similar to a Will, a Living Trust protects your assets and distributes them to your chosen people. It might trump a Will because a Living Trust is more comprehensive and can bypass court and legal time and the costs they incur after you pass away. If you are a parent, or you have specific wishes about where you want your assets to go, getting a professional Will or Living Trust is a must.
For the minor cost incurred, it can avoid enormous amounts of worry and hassle, and could also save £1000s in the long run by securing your assets. And the sooner you plan ahead, the sooner you’ll get peace of mind.
The benefits of planning ahead -
Specify exactly who your benefactors are. Rather than letting the law decide, you can divide up your inheritance in whatever way you want.
Nominate your children’s guardians. If you have children under 18 and the worst does happen, you need to plan ahead for their future.
State who your executors are. Pick the person you trust to make sure your Will is properly adhered to.
Set out your wishes for specific possessions. Many of us have treasured heirlooms or keepsakes – a well-written will lets you pass it on to the loved one it will mean the most to.
Write a joint will. It’s possible to write a combined Will for you and your partner. Not only does this align your wishes with each other, but it’s also possible to get excellent discounts.
A will is a one-off cost that can save £1000s in the long run by securing your assets.
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