Passing on your Wealth
You’ve spent a lifetime building your wealth, so you’ll want to make sure that it’s distributed according to your wishes. Planning ahead is key to minimising the tax your loved ones will have to pay, so they get the full benefit your hard work.
It’s not always easy to talk about what will happen when you pass away, but being prepared and understanding the legal ramifications of your choices will allow you to plan for your family’s future. By creating a will, you can make sure your wishes are implemented when you’re no longer here.
This blog will give you a better understanding of how you can plan ahead, but everyone’s situation is unique. A professional adviser will help you find the right path for you and your loved ones.
Do I need a will?
Making a will means you can ensure that your wealth is shared the way you want it to be after you pass away. A will also makes it easier for your loved ones to deal with your affairs, relieving some pressure during a difficult time.
A will outlines who will inherit your wealth and property when you pass away (the beneficiaries). It also allows you to nominate who will be in charge of dealing with your estate and implementing your wishes (the executors).
A will is particularly important if you are in a relationship which is not legally recognised, as the law does not give unmarried partners the same rights as a spouse or civil partner. Without a will, your long-term partner could be left with nothing after your death. Having a will may also reduce the amount of inheritance tax your loved ones have to pay.
Can I write my own will?
You can write your own will, but any legal mistakes may cause problems after your death, or may even invalidate the will. It’s therefore best to get the guidance of a solicitor, who will ensure that there are no issues later on.
Where should I keep my will?
It’s important that your executors know exactly where to find your will if you pass away and how they can access it, For example, keeping it in a safe or deposit box may make it difficult for them to retrieve. Copies can be retained by a solicitor or other professional adviser, or with the Probate Service, all of which are secure options.
Reviewing your will
Once a will has been written and is signed it should be reviewed regularly, even if you do not wish to change it. Reviewing your will is particularly important in the following circumstances:
If you separate or get divorced
If you have children or new family members to support
If you purchase or sell an expensive asset for example, a property
If you get married or enter into a civil partnership
It’s likely that any will you had previously would be invalidated on marriage, unless it specifically states that it was made ‘in contemplation of marriage’.
Where can you find a solicitor to help?
We can provide details of solicitors we work with or alternatively, The Law Society can help you to find a solicitor to assist with your will. Solicitors with the Law Society should be regulated and insured, to give you added peace of mind. Your friends or family may also be able to recommend one.
Visit lawsociety.org.uk to find out more about The Law Society.*
How can professional advice help?
At Four Pillars, we act as partners on your journey through life. Planning to pass on your wealth means first planning for later life, so you can balance your lifestyle and your legacy. To do this, we will take the time to understand your family and circumstances, so we can create a plan that’s right for you.
If you have a large or complicated estate, the sooner you start planning the better. If you’re planning to pass on an inheritance of any kind, the team at Four Pillars can help you plan tax efficiently, and work with your solicitor to provide advice and guidance where needed.
Your executors are likely to be someone close to you, so make arrangements to ensure this process is as simple as possible when the time comes. It’s important that you introduce your executor, and any loved ones, to us in advance so that everyone is aware of the plan for your estate.
*Links to third-party websites or helpline numbers are to help you find information that may be relevant to you quickly and easily. Four Pillars Financial Planning does not endorse or guarantee the external organisations included in these links nor do we control or guarantee the information provided in them. They are provided solely for information and convenience and are not intended to represent an exhaustive listing.