One in four people aged 55 or over in the UK have not written a Will, leaving their final wishes in the hands of the Intestacy Rules. This lack of planning can have serious consequences to many, especially if you have difficult family circumstances, have children from a previous marriage or are un-married and living with a partner.
Dying intestate, without a Will, is a huge risk – leaving you powerless over your assets.
Planning for what happens in the event of death is never an easy thing to talk about. However, careful preparation for end of life shouldn’t be overlooked and can provide much needed peace of mind for you and your family that your wishes will be respected once you are gone.
Writing a Will is something most of us won’t consider until later in life. Research by Unbiased.co.uk reveals that one in four people aged 55 or over do not currently have a Will, down from 30% last year. A professionally drafted Will is however, one of the most important documents that an individual can have. It can clear all the uncertainty, seek to reduce the tax you pay, and make it easier for family and friends to deal with your estate when you pass.
Don’t leave your loved ones with nothing
Failing to leave a Will can have tragic repercussions for the loved ones you leave behind.
If you are not married or in a legal civil partnership with your partner, they are not automatically entitled to anything when you die. This means your partner could be forced to sell the family home, and your money would be distributed according to Intestacy Rules, rather than your wishes.
By making a Will, you can:
- Choose who will be your executors
- Choose who benefits under your Will
- Choose the age at which your children or grandchildren inherit, and create a trust for their benefit
- Incorporate provisions to reduce the risk of assets being assessed to pay for long term care fees if your spouse requires care
- Incorporate planning to minimise inheritance tax
For help with the preparation of a Will or for Inheritance Tax planning advice, please do not hesitate to contact our Trusts & Estates team on 0800 042 0700, or email us on firstname.lastname@example.orgFind out more about our Trusts & Estates department