November 27, 2013

Where there’s a will there’s a way

Recent research has revealed that almost 70% of forty year olds do not have a will.

Many people in this age bracket will be either married or cohabiting, have young children to protect and bring up, and hefty mortgages to pay. Some will have more complex personal or financial circumstances – e.g. a second family or their own business. Almost all would benefit from having a will.

For some, failure to put proper plans in place is down to simply not making the time. For others, putting off making a will is a way to avoid facing up to some serious considerations.

There is never an easy time to consider your own or your partner’s death, or to discuss those difficult questions such as who will take care of the children if both parents die.

However, when it comes to making a will, there are many reasons why action is recommended as, without one:-

  • Your spouse will not necessarily inherit your entire estate;
  • An unmarried partner (other than a Civil Partner) is not automatically entitled to share in your estate at all;
  • You have no say in who manages money left to children;
  • Anyone with whom the children may live following the death of both parents is likely to need a Court Order to formalise their role as guardian;

In addition to addressing the above, and other issues, a will may also enable you to:-

  • Mitigate the potential effect of inheritance tax and/or care fees on your estate;
  • Strike a balance between expectant beneficiaries and reduce the possibility of a costly dispute after death if a will clearly states what is to be done with a deceased’s assets and estate.

The need to ensure your assets pass to your chosen beneficiaries in the most suitable way possible, let alone to appoint guardians and/or trustees for children, should be encouragement enough for people to tackle a process they might otherwise prefer to put off.

It is always advisable to seek professional advice when considering making a will. Our experts at Royds have extensive knowledge and experience of helping clients to pass on their estates to, and protect their estates for, their chosen beneficiaries whether by way of a will or lifetime gifting.

For more information, please contact Tony Millson and Deanna Hurst.

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