Death planning guide: sorting your will
Money Savings Expert Martin Lewis has compiled a checklist of 20 things you need to consider when planning for the financial well-being of your family (it’s on his website). The check-list includes tips on wills, inheritance tax, funerals and setting up power of attorney. Our last post covered having the ‘unpleasant issues’ chat with your relatives. This post covers wills and the reasons for making one.
Sort your will
Don't leave a financial nightmare for those you love – ensure you've an up-to-date will. Making a will is the most important preparation any of us can make, even if you're perfectly healthy.
There are several key reasons for this:
- It's particularly important once married or with assets. These include property, large sums of money or shares. With a will in place, it'll be clear who looks after your estate and, crucially, where any significant assets go.
- It can help avoid painful family conflict. It also saves your relatives from having to make difficult financial decisions without guidance.
- It can ensure your partner's provided for. Remember, if you aren't married or in a civil partnership, your partner won't automatically inherit anything automatically.
- Wills can be cheap or free to make. Solicitor-drafted wills can be cheap or even free to make or amend.
We have produced guides to help you with Probate matters and also understanding Powers of Attorney. Our Estate planning team can help with both of these as well as with inheritance planning. Our probate and estate team team includes; Stephen Whiskin (Partner), Phillip Povey, Jamie Robinson, Carolyn Armstrong, James Hadley (Head of Private Client) and Ann Turnbull. To talk to one of the team, please call us on 01787 277375 or use the online form.