Where There's A Will There's a Choice
Where do you want your assets to go?
It's not surprising that many of us put off making a will, but without one, you might be disconcerted to know how easy your assets can be distributed in a way you'd never intended ...
Whatever trade or industry you're in, you've worked hard to build up your assets, but if you don't have a Will, you'll have no control over who gets what when you die.
The exact rules of distribution depend on where you live in the British Isles, as some details differ between Scotland, Ireland and England and Wales.
However, if you are not married or in a civil partnership, the law is united in saying that your partner will have no automatic right of inheritance. Without a marriage certificate, your children and parents will benefit instead.
"Even if you are married, there are many good reasons for making a will!"
First and foremost, it allows you to take positive decisions over who receives something; this might include friends, charities or local societies, which are entitled to nothing without your say.
You can also decide if ex-partners or, perhaps more importantly, any children from that relationship should be helped out. And, if your estate is greater than £325,000 (£650,000 for married couples), a will can help you plan to reduce your inheritance tax liabilities.
If you approach your will from a certain angle, you might find it actually become a rather positive experience.
"Considering all these factors in advance can help your peace of mind!"
If you'd like to ensure that your family and friends will be looked after in exactly the way you would wish, then get in touch on 01525 211102 or click here to visit our website to find out other ways we can help you.
Until next time ...
Will has extensive experience in pensions and investments having previously worked for two of the UK’s largest insurers. The experience and knowledge gained helps when assisting clients build a Lifestyle Financial Plan. He advises clients from SME business owners busy building their future, to those who are financially independent and enjoying the fruits of their labour.
Will is qualified to Diploma Status with the Personal Finance Society and also holds the G60 Pension specialist qualification. He is soon to take the Institute of Financial Planning’s ‘Certified Financial Planning’ qualification.
Outside work, he enjoys cycling, a bit of golf, dog walking and supporting the Cardiff Blues and Welsh Rugby team.
Accalon Associates Ltd is Independent Financial Adviser firm authorised and regulated by the Financial Conduct Authority.