Because we know, through
first hand experience the consequences of not having a
valid will in place if the unthinkable should happen. Making
a will is more then just a financial planning. If you have
young children I am sure you will agree that they are your
most valuable asset. If something should happen to you,
who would you like to bring them up?. In theory if you
die without a will (intestate), then the state takes legal
responsibility until a permanent home can be found.
Making a will
is a selfish and selfless act enshrined in a single document.
It’s selfish because you’re
ensuring that all your property and assets are distributed
to the people you choose to receive them. It’s selfless
because it spares your loved ones a skip load of trauma,
grief and uncertainty.
When one thinks of the grief and inconvenience your loved
ones could suffer, making a will is incredibly straightforward
and cheap. Yet, according to the Law Society, 35 per cent
of people in England and Wales over 65 have no will; only
half of those from 45 to 65 have one, and less than 13
per cent of those under 45.
In the event of their premature death, people simply assume
that someone will look after their estate and affairs.
In reality, dying intestate [without a will] often means
stress and heartache for next of kin and those left behind.
It can cause family feuds and the most likely beneficiary
will be the taxman.
Many people
are deterred from making a will because they don’t
understand the complex legal jargon surrounding the process.
These are the main things you need to understand. Dying
intestate means that you die without making a will. Your
estate consists of the balance left when your liabilities
(outstanding loans, debts, overdraft, etc) are subtracted
from your assets (property, savings, investments, furniture,
car, life insurance payouts, etc).
An executor is someone nominated by you to take charge
of your estate, wind it up, pay the taxman and then distribute
the balance according to your wishes. This balance is called
the residue and is paid out to the beneficiaries, the people
nominated in your will.
If you fail to appoint an executor, the High Court will
issue a grant of probate and appoint one (generally a bank
or solicitor) to act on your behalf.
And this is often where the bereaved get a shock that
compounds their grief even further. When you die and your
estate is assessed for inheritance tax, the tax has to
be paid before your beneficiaries can receive their portion
of your will. If your family cannot afford to pay the inheritance
tax, your estate will be frozen until the tax bill is settled.
This slows the whole process down and adds to the grief
and anxiety. It may also mean your family has to borrow
the money to pay the tax in order to benefit from your
will.
Convinced you should have a will?
- then it is as easy as this. Contact us here at Flexible
Finance Online and we will arrange for an expert to contact
you.
