We recently came across this article and thought it raised some excellent points.
Parents In The UK With No Will Must Read This raises some good points, highlighting the fact that millions put themselves at risk by failing to plan for their assets, stating that around 27 million adults in the UK have failed to prepare a will.
If you die without a will in place this means that your money, possessions and property will be divided up according to the law, risking that your loved ones could inherit nothing.
Some of the benefits of planning your will 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 will 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, it’s also possible to get excellent discounts.
If you need advice on writing a will and planning your estate, you can get in touch with our Wills & Probate team.
Read the full article here.