The simple answer to the question of when you should make a Will is: as soon as you reach legal age. Of course, we accept that the last thing on your mind as you turn 18 is what’s going to happen when you die. So here are some of the other key moments in life where you definitely should make or change your Will.
If making a Will is something you’ve been putting off or just not got around to yet, here are 7 compelling reasons to make it a priority for 2022.
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.
What’s the worst that could happen? For most people, it would be to lose someone they love. But what if, whilst dealing with their loss, they also had to deal with the prospect of losing the family home and their financial security? [Read more…]
What would happen if you couldn’t run your business? Is there someone else with access to the business bank account and finances? Who can you trust to take the reins? The only way to avoid severe disruption and pass control to someone you trust is by making a Lasting Power of Attorney (LPA).
Research shows that almost two thirds of UK adults don’t have a Will. That’s not to say they don’t know the importance of having one; it’s often just that they haven’t got around to it yet. Sadly, putting it off until tomorrow could mean your loved ones lose out on what you hoped to leave them in the future.
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.
Contrary to what many people believe, there is no such thing as a ‘common law marriage’ in the UK. No matter how long a couple have been living together, or whether they have children, they do not have the same rights or protections as couples who are married or in a civil partnership. This can be particularly devastating if one half of a couple dies without a Will or with a Will that is out-of-date.
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.
Is your Will still valid and right for your life as it is now? Take advantage of our free Will review service to make sure.
In such uncertain times, we feel privileged that our clients have turned to us as trusted advisors across all the services we offer at RfM. We have been urged by a number of grateful clients to spread the word about our Will review service and encourage others to consider what we usually don’t think about.
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.