sm130 - Flipbook - Page 5
Protection
Protecting your
loved ones with a Will
Providing greater control over your assets and protection for those who matter
A Will can help you put your financial affairs in order, plan your inheritance and ensure your wishes are known.
Despite this, many people delay making one, often assuming it can be dealt with later. Without a Will, the law
determines how your estate is distributed.
T
his may not reflect your wishes and
Making a Will is also a time to review your wider
divorce, the birth of a child or a significant change
could create further complications
financial arrangements. This may include reviewing
in your finances. You may also want to reconsider
for those you leave behind. Writing a
life insurance, pension beneficiary nominations
your wishes if any beneficiaries or executors are no
Will provides greater certainty, helps
and other relevant protection policies, where
longer suitable.
prevent potential family disputes and gives you
appropriate, to ensure they remain suitable for
peace of mind.
your circumstances and to ensure they are written
it must be properly drafted and kept up to date
into an appropriate trust. Keeping these details up
to ensure it continues to reflect your wishes.
Decide who inherits
to date can make it easier for your loved ones to
Seeking professional advice will help you
One of the main reasons for making a Will is
understand your arrangements.
understand the options available and avoid
potential complications. t
the ability to decide who receives your money,
property and possessions. You can also leave
Consider tax and charitable gifts
specific gifts, including sentimental items such as
Inheritance Tax can be an important consideration
jewellery, family photographs, family heirlooms and
when planning how wealth will be passed on.
other treasured belongings.
Depending on the value and structure of your
For unmarried couples and those not in a
estate, your beneficiaries may face a tax liability.
registered civil partnership, having a Will can be
Professional advice is essential to ensure you
particularly important. The rules of intestacy do not
understand the available allowances, exemptions
generally provide the same automatic inheritance
and potential planning opportunities.
rights to unmarried partners as to spouses and
While a Will can provide valuable protection,
You can also leave money to charities in your Will.
registered civil partners, potentially leaving a
In certain circumstances, leaving at least 10% of your
surviving partner in financial uncertainty.
net estate to charity can reduce the Inheritance Tax
Give yourself peace of mind
Making a Will puts you in control of important
decisions about your estate and makes
things easier for your loved ones at an
already difficult time.
If you don't yet have a Will, would like to
review your existing arrangements or would like
to discuss your options, please contact us.
rate on some assets from 40% to 36%, while providing
Protect your family
valuable support for a cause you care about.
If you have children under 18, a Will allows you to
This article does not constitute tax, legal or financial
nominate guardians to care for them if both parents
Keep your Will up to date
advice and should not be relied upon as such. Estate,
die. You can also appoint executors to administer
Writing a Will isn't a one-off exercise. It should
tax planning and will writing are not regulated by the
your estate and leave instructions for your
be reviewed regularly and whenever your
preferred funeral arrangements.
circumstances change, such as after marriage or
Financial Conduct Authority. For guidance, seek
professional advice.
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