Getting your affairs in order and planning what you want to pass on to loved ones, whether it’s while you’re alive or after you’ve passed away, is really important.
Not only does it mean that your wishes can be carried out but it can also help reduce the emotional and financial burden on loved ones at an already difficult time. We all lead such busy lives that it can be easy to put off estate planning, but it’s best to take care of this sooner rather than later.
Writing a Will is fundamental to the financial planning process. It may not be the most exciting of subjects, but it answers one of our most basic desires – to make financial provision for all those we hold dear. There are many things to consider when looking to protect your family and create an effective protection planning strategy. If you would like to find out more, please contact us.
No Will in place
But three in five adults (60%) don’t have a Will in place, with a third (33%) not having thought about writing a Will, according to research from Royal London. Surprisingly, the research also found that a quarter (26%) of those aged 55 and over have not written a Will. Of these, one in six (16%) over-55s with no Will have never even thought about writing one.
Cohabiting couples are less likely to have a Will, with three-quarters (77%) not having written one compared to those who are married or in a registered civil partnership (46%). Single adults (45%) and cohabiting couples (32%) are the least likely to have thought about writing a Will compared to those who are married or in a civil partnership (22%) and those who have separated/divorced (21%).
Writing a Will or redraft
Beware of the revoking rule. Wills are revoked when you marry, so even if you have written a Will to include your spouse or civil partner-to-be before your marriage, you’ll need to renew it afterwards. This is also important if you have children from a previous marriage: although your new spouse would benefit from your estate through the intestacy rules, your children might not.
You may also want to write a Will or redraft your existing one if you are in the process of separating from or divorcing your partner, because if you die before your divorce is complete, your spouse or registered civil partner can still inherit your estate.
If you’d like to get your estate planning underway, get in touch.