Wills & Trusts
Most people are aware of how important it is to make a will but sadly 7 out of 10 people fail to do so. If you are happy to leave it to chance and take a risk then your family and loved ones may live to regret it. [Source – Countrywide Legal Services, Wills statistics]
Can you afford to leave your dependents and loved ones unprotected at such a difficult time? Of course you can’t so don’t put it off any longer.
No one likes to talk about death especially their own but if you don’t make plans on how you want to distribute your worldly wealth whilst you are still alive you can leave a host of problems and hardships for your grieving family to sort out.
There are many reasons why nearly two thirds of us put off the seemingly arduous task of making a will but taking the time to do so can help relieve many days of heartache for loved ones in the future. It is not really a case of why you should make a will but why you should not fail to. If you die without a will (intestate) you run the risk of leaving behind a trail of stress, cost and even family feuds.
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By owning a will you are ensuring that the right people will receive what you want them to have and not lose out to others you do not wish to have as beneficiaries.
A will helps you recognise the importance of protecting your home, family and assets after you are gone.
Why you should make a will now:
- Your spouse will not necessarily inherit everything you own
- If you are not married your partner could receive nothing
- If your spouse remarries the new partner may inherit everything and your children get nothing
- If you have children a judge may decide who will look after them which may result in them being taken into care and not placed with a family member.
- Your home is unprotected without a will.
To put a property and/or assets in trust is a way of protecting a property or asset for your beneficiaries. It is an agreement spelling out the rules by which a property or asset can be protected and distributed.
This is a tried and tested document enabling people to ensure that what they have worked hard for all of their lives can be protected from potential creditors.
Trusts can be used to protect your home from care costs, divorce or separation settlements, creditor or bankruptcy claims or even further inheritance tax bills.
When assets are distributed to beneficiaries without the use of a trust much can be lost as they are considered part of the beneficiaries estate and therefore subject to any future divorce settlements, creditors and taxation. By the use of trusts you may be able to completely ensure that your children and grandchildren benefit totally from their inheritance while at the same time protecting the family home and other assets from long term care costs.
The Financial Conduct Authority does not regulate Estate Planning, Will Writing and Trusts.
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