why should i have a will

Why it’s Important to Review your Will:

Throughout life and certainly when major changes have taken place you should review your Will and change it as necessary. Even if a major change has not occurred in your life it is worth getting your Will reviewed because as Will writing is not currently regulated we find that very often people are sold Wills which do not offer them full protection. As your Will Adviser I am pleased to offer a free comprehensive Will review service.

The majority of people only have basic Wills in place, thus assets are passed absolutely to their chosen beneficiaries. This means the assets fall directly into the beneficiaries Estates where they are at risk.

Whilst this is better than having no Will at all, where there is only a basic Will in place, your assets could be exposed to the following risks:

Long Term Care Costs - currently Long Term Care costs between £25,000 and £43,472 a year depending on where you live, with 130,000 older people requiring long-term care each year. In 2010, over 20,000 pensioners were forced to sell their homes to fund care fees.

Bloodline planning - if you leave assets absolutely to your children, then these assets can be attacked in the future if the children divorce, separate or go bankrupt.

Marriage After Death - On first death all the assets become solely owned by the surviving spouse. What if the surviving spouse remarries? The inherited estate could be lost to the new spouse.

Generational Inheritance Tax – On second death the remaining estate is likely to be directed by the Will to the beneficiaries absolutely. This then adds to the beneficiaries’ estate and could impact on their own Inheritance tax liability.

Your Business Assets – Without the correct planning, the business may have to be sold and these assets may not be preserved for your family.
As part of my duty of care to you as a key client, I would advise that your Will arrangements are reviewed and so if you would like to get in touch we can arrange an appointment at a time to suit you.

We have all worked hard to build our assets—let’s work to protect these for our family.

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