Get will-wise and protect what’s most important.
As the COVID-19 epidemic continues to disrupt us all, wills are naturally on the minds of many.
However, many DIY and off-the-shelf wills won’t protect the things most important to you, and not all wills are planned well enough to stand up to the changing circumstances of the people you want to look after. This can cause distress at an already a difficult time for your loved ones – and in some circumstances, mean losing large chunks of what you worked hard for.
So here are three big reasons why it’s important to review your will, ensuring your assets are protected and your wishes respected.
Marriage isn’t always forever.
We all want our children to grow up to lead happy lives and have families of their own. But a life can be a long time. People change, and we’re not always confident that our child’s marriage will last the distance. A properly planned estate can be made divorce-proof – providing flexibly for your spouse, children, and later generations in turn – while protecting your assets from those outside the circle you wish to leave your estate to.
Give once, get taxed twice.
Simply gifting to a child through a standard will could mean you’re passing to them a big inheritance tax hit. Your money could then be taxed again should your children pass it on to your grandchildren. By making the right choices over how your estate is handled, you can often reduce the overall inheritance tax bill due when you pass away. This might involve making lifetime gifts while you’re still alive or placing certain assets into a trust. Staying on-top of allowances is key – as thresholds change and estates swell – what was no problem back then could well be one today.
The third-party effect.
A common mistake in many wills is a lack of foresight on remarriage. We all want to do well by our partners, but your spouse remarrying after you die may see your children’s inheritance wind up being passed to your spouse’s new partner – who then pass it on to their own children – leaving your children with nothing. Protecting your bloodline and ensuring your wishes are respected often means exploring the unforeseen. Our expert advisors can help you future-proof the financial wellbeing of your family – giving you peace of mind that everything’s truly taken care of.