It’s January, a time for fresh starts and positive changes, new gym memberships and healthier eating. Whatever, you’ve resolved to change or do in 2022, it’s not too late to add another – very important – task to your plan: making a Will. You’ll be surprised how good you feel once you’ve finally crossed it off your to-do list.
Thinking and talking about dying is something no-one wants to do. But having those difficult conversations and making plans now, while you’re alive and in good health, will protect your loved ones from the potential nightmare of you dying without a Will.
It is common practice for couples to leave everything to each other in their Wills, with the estate passing on to their children when the surviving partner dies. However, this arrangement – known as Mirror Wills – may not protect your children from losing their inheritance in the future.
Ensuring your loved ones receive what is rightfully theirs in the future is the most common reason for making a Will. Imagine if, despite setting out your wishes in a Will, your heirs could still lose their inheritance. This can, and does, happen. We explain how and what you can do to make a truly formidable estate plan.
Making a Will brings peace of mind that your loved ones will receive the inheritance you wish to give them in the future. However, a Will alone does not always protect against the ‘what ifs’: those unexpected yet common life events that could lead to your loved ones losing their inheritance. Here we look at the benefits of using a Trust alongside a Will to make a formidable estate plan.
Writing a Will is your opportunity to let your loved ones know what you would like to happen to your worldly goods when you die. However, there a number of common mistakes that could lead to your wishes not being carried out correctly.