Where there's a Will, there's a way
17 October 18  /  Insights

A Will allows you to have the decision of how your money, property and other assets are distributed once you have passed away.

Although they tend to be a bigger consideration as you get older and closer to retirement, whatever age you are, you should consider having a Will in place for peace of mind.

There are many reasons why you should consider writing a Will:

  • You have control over what happens to your assets. You have worked all your life to accumulate these assets, it should be your decision what happens to them when you are no longer here.
  • It will make things easier for your family; they are already likely to be upset and have other things on their mind. Having a Will in place can help to stop family disputes and ease financial worries for those who financially depend on you.
  • Without a Will, your assets could be distributed in a standard way by the law. This means anybody outside of your family would receive nothing.
  • You have to state you want to leave something for your grandchildren, non-immediate family members, friends and so forth.
  • You have to state if you want to leave any money to charities, organisations, schools etc.
  • If you have young children, you even have to decide what happens to your children if you are no longer here to care for them when they are young. Without a Will, this will be decided by the law.
  • Having a Will could reduce the amount of tax you will have to pay. Click here to find out more about reducing inheritance tax.
  • If you are not married and do not have a will, your partner might not receive anything.
  • If there is no claim on your assets or no relatives can be found, it is left to the 'crown'.
  • A Will can decide other important decisions outside if your assets and finances, such as whether you want to be cremated or buried. 

So, what happens if I die without a Will?

If you die without a Will, you will have died 'intestate'. When this happens, the laws of the state decide how your assets will be distributed. How this is decided depends if you are married, single or separated, if you have children, and how many other immediate relatives, such as parents, siblings and other family members, are alive.

Sorting an estate upon a person's death usually takes more time if there is no will.

We realise that Will planning sparks many questions that you may not know the answers to. It is our job, as Lifestyle Financial Planners to help you write a Will in line with your own financial goals and your desired lifestyle, in the most tax-efficient way.

Note
Based on our understanding of the current law in England and Wales. 

Read more about Will Planning here. 

Speak to Mathews Comfort on 01865 208000 or email info@mathewscomfort.co.uk.

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