Where there’s a will there’s a way so don’t delay

MAKING a will should be one of the most fundamental decisions you ever make.

It offers massive financial protection in life and avoids what can be a nightmare for those left to sort out your affairs in death.

Yet research by Unbiased.co.uk in 2017 found that 60 per cent of adults across the UK had not written a will, leaving their final wishes in the hands of Government intestacy rules.

That was broadly backed up by Royal London which last year came out with a figure of 54 per cent.

There are lots of reasons given for not doing so. For example, many people think they are not wealthy enough to require a will even though, according to the Halifax, the average homeowner sits on nearly £230,000 worth of property.

Why else is a will important?

If you are unmarried but living together, then how your money and property is distributed after your death is out of the hands of your loved one and may not be in line with what you would have wanted.

Worse still, let’s suppose you and your husband broke up years ago, but never actually got round to divorcing. You hooked up with someone else a long time back. If there is no will then it would be your ex who is in line to inherit your possessions, not your partner. And I am sure you wouldn’t want that.

When putting a will in place you also need to consider the property and tax advantages.

If the two of you were beneficial joint tenants of your home at the time of the first’s passing, the survivor will automatically inherit the other’s share. Otherwise this isn’t the case and that could cast a long shadow.

Similarly with inheritance tax a certain amount of a person’s estate escapes IHT. Spouses and civil partners can pass assets between themselves free of inheritance tax. Couples may also have joint bank or building society accounts. If one dies, the other partner will automatically inherit the whole of the money.

What then might be considered the worst dying intestate can mean? If there are no surviving relatives who can inherit, the estate passes to the Crown. Yes, really, the government gets it all! Do you wish to be buried or cremated? It’s a difficult thought to entertain but if you do have preferences then it’s important to state this in your will.

Unfortunately, many people simply do not want to contemplate death. It is too upsetting.

But none of us is immortal and it is vital you make arrangements.

There are three main options for writing a will: do it yourself, approach a will writing service or use a solicitor.

Be cautious. It pays to seek proper advice in order to make sure your assets are distributed exactly as you wish. If your will is invalid, or contains ambiguities, it could be challenged after your death. This can lead to hefty legal costs and, of course, lots of acrimony among surviving family members.

You should appoint executors responsible for ensuring that the wishes laid out in your will are carried out.

Most people choose family members or a professional, such as a solicitor. Your will must be witnessed by two people who are not beneficiaries. You must sign and date the will. Business owners need to stipulate the person, or persons, who will inherit their share of the business.

Once a will has been made, it should be kept in a safe place such as at home, with a solicitor or accountant, or at a bank.

Don’t leave it too late.

Trevor Law is managing director of Eastcote Wealth Management, chartered financial planners,

based in Solihull. Email: tlaw@eastcotewealth.co.uk

The views expressed in this article should not be construed as financial advice