Have you made a Will?
"I haven’t got time…"
"I’m too young to worry about that…"
"I don’t need one…"
Any of these sound familiar? In my opinion just about everyone should have a Will, although many do not, usually through apathy rather than choice, but making a Will should be one of the first steps in any financial plan.
Should you die without one, you lose the ability to distribute your assets to those who you may want to benefit as, depending on your personal circumstances, there are very specific rules for determining who inherits your wealth. Besides which, the process of accessing your worldly goods may be lengthy, costly and complicated for those you leave behind.
The main reason for anyone making a Will is so that you have peace of mind, knowing that you have decided how your assets will be shared out in the event of your death. This may be to leave money or property to your partner or if you are not married, leaving money to children, (or under Trust for grandchildren).
A Will can also be a very valuable tool in Inheritance Tax planning and even if you do not have any direct family, a Will can be used to leave your estate to a chosen charity rather than just leaving money to the Treasury.
Making a Will is an integral part of the financial planning process so that in the event the worst was to happen, at least you know there is still a plan in place.
If you were to have died yesterday, do you know to who your assets would go to? It might not be as simple as you think…
The Financial Services Authority does not regulate tax and trust advice and Will writing.