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You have been working hard to achieve financial security for your self and your family. Do you also want the security of knowing that your family has been taken care of in the unfortunate event that something should happen to you in the future.
Without a valid Will in place, it can take up to years to settle someone’s finances causing problems and potentially acute financial hardship to your family during a difficult time.
Many people think that their immediate family will get all they own should they die without a Will. This is not necessarily the case, and your husband or wife may not automatically inherit your property and possessions.
You partner would receive nothing if you are unmarried, as the law treats you both as single.
Do you like most people intend to make a Will sometime, but put it off. Every individual over the age of 18, whatever their circumstances, should make a Will. Here are some of the reasons why:-
· Without a valid Will, your spouse is only entitled to £125,000 plus personal chattels (car, furniture etc) as a lump sum if you have not made a Will.
· The Estate of any person who died as the result of an accident will almost certainly benefit from a substantial court or insurance claim, much or all of which could go to the wrong people if there is no Will.
· Millions of pounds are unnecessarily paid to Inheritance Tax each year because a Will has not been drawn up.
· Thousands of Heirlooms and treasures are lost to the Auction rooms every year because no one can decide who should have them. Your Will protects your heritage.
· Family arguments can arise over personal belongings and funeral arrangements.
· The task of carrying out your wishes may fall to someone who is unsuitable for such responsibilities, or they may turn to a solicitor who will deduct a fee from the Estate.
By making a Will you will have the knowledge that your loved ones will be financially cared for in the way that you wish.
At Inspired Advice we offer a full will writing service.
· Ensuring that upon death your assets are distributed your preferred beneficiaries in proportions that you specify.
· A Lifetime storage service – ensuring amongst other things that your Will is stored safely & securely. (Access to your Will is immediately unlimited).
· A Will should be reviewed every three years to accommodate changes in your circumstances (e.g. marriage will invalidate a Will). Part of this service will be to remind you to review your Will every few years.
Lasting Power of Attorney.
If you care enough about what happens to your assets after you die, even more care should be taken about keeping them safe while you are alive.
Everybody who makes a Will should also make a Lasting Power of Attorney. A Lasting Power of Attorney is a document that you sign to appoint someone to act for you if you should for any reason become unable to manage your own affairs. It will give you the security of protecting your assets should you become incapable of doing so yourself.
If you don’t appoint an attorney, and loose mental capacity, friends or relatives may have to ask the Court of Protection to appoint a receiver to handle your affairs. This process can take up to 10 months and cost up to £1000 to process. If you have LPA your chosen representatives can act for you straight away if you become unable to handle your own affairs , and with in a few weeks if you become mentally incapacitated.
We will be able to guide you through the process of constructing a Will and Lasting Power of Attorney, and for your peace of mind offer the secure storage and regular review of these documents.
For more information, without obligation, call us on 020 7907 4520 or use our contact form.