Even if you think you don’t own ‘that much’, if you want any sort of control over who it goes to when you die, you need to create a new Will.
Apparently around 54% of UK adults don’t have a Will.
If you think cost is an issue then think again. It really isn’t that expensive to get professional advice and your new Will sorted. In fact our own fee for producing a simple single new Will is only £168.
So what happens if you die without leaving a Will? Well, what you own is divided up according to the rules of intestacy.
So, if you’re thinking new year, new Will, here are 10 things you need to consider first.
Before doing your new Will, think about…….
- Do you actually need a new Will? If your current Will is valid, you haven’t married or divorced in the meantime, and what’s written in it is still true, there’s no need to change.
- Are you about to marry? Marriage after a Will has been done makes the Will invalid unless a specific clause is inserted. Remember though, divorce does not invalidate your Will!
- Who do you want to be your executors? A person or people you trust to handle your estate on death and distribute it as you wish.
- Do you have children and are they under 18? Who do you wish to be their guardians and will you provide some financial support to the guardians?
- Who do you want to benefit from your estate and in what proportions? What happens if a beneficiary pre-deceases you? Where do you want their share to go?
- Are you keen to ensure your wealth stays within your family bloodline rather than passing to a different bloodline through your child divorcing and losing half the inheritance? This may mean your new Will needs more complex arrangements like Trusts.
- Your pension is not dealt with via your Will. You need to ensure you have completed pension death nomination / expression of wish forms with the relevant pension providers.
- A new Will sorts out your estate after death but what about before death? What if you have an accident or illness and can’t manage things yourself. You need a Lasting Power of Attorney as well.
- It could be you are due to pass on a large about of money on your death but who pays the funeral? It’s likely your beneficiaries won’t be able to access your money until probate has completed and this will usually be after the funeral. Consider paying the cost of your funeral now.
- Where are you going to store your new Will. Safe, secure storage with a professional is always recommended. Our storage services offer free Will re-writes.
If you would like to explore any of these 10 areas further or would like to take the opportunity to get your new Will sorted, then why not take advantage of our free 15 minute call. You can speak to a Chartered Financial Planner who will listen to your situation, give you an outline of what you need to consider and guide you in the right direction.
Stock market linked investments and any income from them, can fall as well as rise and is not guaranteed. Any figures quoted are for illustrative purposes and should not be taken as a forecast or guarantee. Past performance should not be seen as an indication of future returns and clients may get back less than they have invested.