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Text Box: Wills & Trusts have three primary Inheritance Planning functions: they help to ensure that the right money goes to the right people at the right time. Or to put it the other way around - they help to avoid unnecessary capital deductions, undesirable claimants, and painful delays.   As we have said on several occasions throughout our website, financial planning is not just a destination - it’s a perpetual journey. A journey which continues perhaps forever! And interestingly, Wills & Trusts, which deal with probably the most valuable element of your financial planning, are also usually the least expensive to implement, and often the most ignored.  Text Box: Why it's important to make a will…   It is important for you to make a will whether or not you consider you have many possessions or much money. This is because:   If you die without a will, there are certain rules, called the Laws of Intestacy, which dictate how your money, property or possessions should be distributed. This may not be in accordance with your wishes. Unmarried partners and partners who have not registered a civil partnership will not automatically  inherit from each other unless there is a will, so the death of one partner may create serious financial problems for the remaining partner. If you have children, you will need to make a will to state your guardian arrangements for the children if both parents die. It may be possible to reduce the amount of inheritance tax payable on the value of your estate if advice is taken in advance of your death and an appropriate will is made. If your circumstances have changed, perhaps through divorce, re-marriage, or further children, it is important that you make a new will to ensure that your money and possessions are distributed accordingly. Text Box: Laws of Intestacy   If you die without having made your will, you are said to have died intestate.   This can cause unnecessary stress for your family, just when they don’t need anything more to deal with; quite lengthy delays in gaining probate so that your estate can be finally distributed, just when they might need some money fairly quickly; and worse of all - your lifetime assets may not go to the persons you want it to go to.   The chart on the right shows the sequence of estate distributions for anyone who dies intestate in England.   As a final thought, in addition to the above misgivings, it also does not help to reduce any potential inheritance tax that might be due on your estate.   If you haven’t made a will then you probably haven’t done any inheritance tax planning either!   So stop putting off today what may be too late to do tomorrow!   Make a will and keep it safe...

 

web_documents\Intestacy_Chart.pdf

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