You put in a lot of effort and work hard, at everything. You stick to the budgeting, saving, and investing recommendations of financial professionals, in order to accumulate money and ‘build wealth’.
Building wealth is actually something you pay close attention to, not only so you can live a more comfortable life today, but also, so you can enjoy your “golden years” after retirement with less stress (and more nice things), and leave something to your loved ones to support them after your passing.
This is all great, but we want to ask you a straightforward question: Have you written a will yet?
Even while Britons are becoming more financially savvy, which they are, the basic truth is that they are not becoming more adept at writing wills. In actuality, 65% of them pass away without one.
Which, at least in terms of providing for their loved ones, might end up being one of their largest financial planning errors ever. Which is why working with a will writer Kingston-upon-Thames like those at Pearl Lemon Legal might be one of the best wealth PROTECTION moves you ever make.
In the UK, the law and the government do have your back if you pass away without a will. Without a will, people who pass away are covered by intestate succession laws, which allow the government to step in and distribute your possessions anyway they see fit. But frequently, the way they choose to distribute your assets could not be what you had in mind.
What happens, for instance, if you pass away and the succession laws determine that all of your assets belong to your legal next of kin, your parents or siblings, because you didn’t get legally married to the person you love dearly? Or the law distributes your assets in a way that you would have never planned, depriving one of your children of the things you’ve been promising them for years they could have when you passed away.
Being able to make a will in whatever way you see fit freely is a privilege all of us in the UK are afforded. This allows us the ability to select the manner and beneficiaries of our estate once we pass away.
There are a few minor restrictions, such as the fact that the instructions in the will cannot be used for unlawful purposes, but overall, a will allows you, not the government, to split an estate as you see fit.
The following benefits – and lots more – come with being the testator of your own will, aka writing a legal will before you die.
Based on the characteristics of your estate, its size, and your family’s needs, you can choose your own beneficiaries. You can honour anyone or any cause; you are not limited to only family members. A person may also be excluded.
You have the option to choose which assets—and how much of your assets—you want to leave to each beneficiary. It’s probable that you’ll wish to leave particular recipients specific items and amounts. Conversely, if you pass away intestate, your beneficiaries will only be entitled to a certain, equal portion of your estate.
You can designate a substitute beneficiary if the initial chosen beneficiary is unable to inherit for some reason. For instance, if the designated beneficiary passes away before you.
You can decide what requirements must be met before a recipient is allowed to receive the benefit, and how they may or may not use the inherited benefits. This is quite common if a will is written while children are still minors (which, we can tell you as experienced will writers Kingston-upon-Thames it should be)
You can decide how the final beneficiaries will be safeguarded and what will happen if a recipient is unable to manage the bequest. You can use tools like restricted interest and a testamentary trust to protect small children or beneficiaries who are incapable of managing their own affairs.
Your will can be coordinated with the rest of your estate planning resources. Ante-nuptial contracts and inter vivos trusts are typical examples, as are benefits received from sources ordinarily outside the estate, including retirement pensions, pension funds, and life insurance policies, as well as other assets, like offshore interests.
The executor of your estate is a choice you get to make. You can also decide on the executor’s rights and whether you want the executor to offer security.
You won’t be able to benefit from estate duty reductions and other protection features if you don’t make a will.
You can name a guardian to look after your children if you pass away while they are still minors.
In the event of your passing, having a well-written will on hand will facilitate the administration procedure and prevent any potential disputes or conflicts between family members. No, you won’t be here to witness it, but these kinds of conflicts can have disastrous consequences for people left behind.
Why do so many people pass away without a will if creating one is so smart and advantageous and easy to get right with the help of a will writer Kingston-upon-Thames?
Making a will doesn’t have to be expensive or time-consuming, especially if you consult with a professional. The majority of people choose not to create a will because they believe it is premature to do so—after all, who needs to create a will when they are in their thirties or forties?—or because they find the thought of their own death to be too terrifying to contemplate.
We get it. Nobody wants to dwell on death too much. But it’s possible that it could happen at any time. That’s just a simple reality; it’s not horrifying. Sadly, the COVID outbreak has helped many people realize this.
Many of those positive self-help gurus usually advise living each day as though it were your last because it very well could be. They are right, too. They simply fail to highlight that part of living that way should include having a will in writing. However, they ought to, and we will.
Making a will is not difficult, despite the slightly strange emotional experience it may cause. It can be extremely simple for you. As your will writer Kingston-upon-Thames we’ll ask you a few questions, take care of the rest, and even walk you through how to make sure your loved ones receive more money while the government doesn’t eat away too much of it.
Still need to write your will? Or review one you made a while ago, before you got married/divorced/bought a house/had kids/made more money? Contact us today – no really, today, no more procrastination allowed – and let’s get started.
For a free, no-obligation conversation about how we might be able to help with your current legal issues, please contact us today.