How millions of Brits put themselves at risk by failing to plan for their assets.
This is a shocking statistic, but around 27 million adults in the UK, have failed to prepare a will.
This can have serious consequences, especially if you are a parent. Dying without a will means the law will simply run its course, often against your wishes.
It’s a huge risk that can leave you powerless over your assets.
Why A Professional Will is Essential?
The technical term for passing away with no will is ‘Dying Intestate’ if this happens your money, possessions and property will be divided up according to the law, and your loved ones could stand to inherit nothing.
For instance, if you are unmarried and you die intestate, your partner would by law receive nothing, if you have children this can complicate things further, as the law often places them above your partner in the pecking order – and if you have children from a previous marriage, they could be completely passed by, even worse, if you pass away with no close relatives, this could automatically pass to the Government, who claim millions of pounds from this every year.
Taking Necessary Precautions
If yourself or loved one is facing the possibility of loosing mental capacity, it is critical you get a Lasting Power of Attorney, without a LPA, your finances and assets could be handed over to an external deputy to manage, which can be very difficult to manage and very expensive.
An LPA will ensure that someone you know, and trust will be in charge of your finances and assets, and leave you and your family with piece of mind.
It is important to make sure your will is airtight and law abiding, which is why you should get a professional will drawn up.
The Benefits of Planning Ahead
- Specify exactly who your beneficiaries are, rather than letting the law decide, you can divide up your inheritance in whichever way you want.
- Nominate your Child’s Guardians. If you have children under eighteen, and the worst does happen, you need to plan ahead for their future.
- State who your executors are. Pick the persons 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 onto the loved one it will mean the most to.
- Write a joint will. It is possible to write a combined will for you and your partner, which although there are two wills, they align your wishes with each other.
If you wish advice on any aspects relating to the above, please do not hesitate to contact us.