In 2023, it was reported that 50% of UK adults don’t have a will, including one in three (33%) adults aged 55 and over1. If you’re one of those people, you could be faced with the prospect of your money, property and other assets being automatically inherited by someone you didn’t choose.
Perhaps getting a will was on your to-do list at the beginning of the year. Ask yourself; have you done anything about it? At Cooper Parry Wealth, we don’t just focus on one aspect of your personal finances, we look at everything, including legacy planning. We always encourage you to create a will or make sure your existing will is up to date. Here are the top 5 reasons why:
Dying without a will results in consequences that will be out of your hands
Thisis is called dying intestate. It means that a set of rules determines who benefits from your estate. Unmarried partners, close friends, relations by marriage or carers will have no right to inherit.
A change in circumstances can make your will void
Changes in your life can have a knock-on effect and, as with your financial plan, you should make sure your will is kept up to date. For example, marriage can make your will void in the eyes of the law, or you might welcome a grandchild that you would like to inherit some of your estate but the current will means they’re not catered for.
Inheritance tax planning
A will can help to reduce the amount of inheritance tax payable upon your passing. We work with clients to manage their tax commitments, so don’t let any planning go to waste, as it could affect the pot of money left behind.
Reduce the stress involved
We all know how difficult the loss of a spouse or loved one can be. Having a will in place reduces stress at a difficult time. Our clients and their families know they can turn to us in this daunting time, but having a will in place makes the process easier and far less worrying. You can also use your will to address funeral plans so your family don’t have to guess your wishes.
Taking care of children or dependents
You can use your will to nominate a guardian to children that are minors. It’s unsettling to think about the circumstances in which you might pass away, but you can get peace of mind that your children will be looked after by someone of your choosing.We know that making a will is often an uncomfortable thing for people to think about. But whilst we’re here making sure you’re living life to the full, we also want to help you plan for the future. You might be unsure about where to turn when making a will. We can help you with that decision and make sure you cover everything when it comes to your finances. If you want to chat, please get in touch.
The Financial Conduct Authority does not regulate personal tax advice. Tax thresholds, percentages and tax rates are in line with our current understanding of HMRC legislation and are subject to change. Taxes are dependent on individual circumstances. This communication is for general information only and is not intended to be individual advice. You are recommended to seek competent professional advice before taking any action. The value of investments and the income from them can go down as well as up, and you may get back less than you originally invested. Past performance is not a guide to the future. The investments described are not suitable for everyone. This content is not personalised investment advice, and Cooper Parry Wealth can take no responsibility for investment decisions you may make as a result of this information. Tax and estate planning advice are not regulated by the FCA.
