It’s never too early but often too late!
You can put off making a Will until it is too late, and this poses all sorts of problems for the people left behind. Not making a Will could mean that some, or all of your Inheritance either goes to the wrong person, or to the state.
Making a Will enables you to plan exactly what will happen to your property (Estate) following your demise. This ensures that those you would like to benefit do so, in accordance with your wishes, and at the same time avoiding any possible disputes between relatives. Most importantly is the peace of mind making a Will provides.
Without a Will
- You cannot be sure those you would wish to benefit will do so.
- Your spouse/civil partner will not automatically inherit ALL your Estate.
- ‘Common Law’ partners may not receive anything.
- Minor children could be taken into Care whilst Guardians are appointed.
- There could be lengthy delays for your Beneficiaries and disputes.
- You cannot prevent certain family members from benefiting.
- You will not be able to leave something to friends, colleagues, or charities, which fall outside of the Rules of Intestacy
In the time it takes to read this leaflet, someone, somewhere will have died Intestate – that is, without leaving a valid Will.
Preserving your wealth for future Generations
Protecting your assets
Making a Will is a good start, but you may also want to consider the following issues:
Protecting your Children’s Inheritance
Some, or all of your children’s or grandchildren’s (bloodline’s) Inheritance could be lost without the correct “Bloodline Planning”:
- The Divorce or Separation settlements of future generations.
- Creditors or Bankruptcy claims.
- Their Care costs and further Inheritance Tax bills.
Protecting your home and assets from Care Costs
Only those who have very few assets will escape the costs of Care.
If you fail to act now:
- Your home may have to be sold to pay for your Long-Term Care costs.
- Your savings and investments could be wiped out.
- Any income would be assessed and used towards the cost of your Care.
- Your children and grandchildren could lose their entire Inheritance.
Protecting the family business
Naturally, you would want to ensure that your loved ones benefit fully from your business.
Without the appropriate Business Succession strategies:
- Your spouse/partner and children may not inherit your share of a business.
- Business partners may not be able to buy out the Deceased’s share.
- The surviving spouse or children may be obliged to take over the running of the business.
- The value of the business could depreciate owing to the inexperience of any Beneficiary.
- The business may have to be sold and the proceeds become liable to Inheritance Tax
