So Why Do I Need A Will?

22nd July 2019

According to published research, 60% of adults in the UK do not have wills - I still find this incredible if not dismaying.

If you die intestate - that is, without a will - the state oversees the allocation of your assets, which it will typically distribute according to a set formula.

Such a scenario sometimes results in the sale of the family home or other assets, which can negatively affect a surviving spouse who may have been counting on the bulk of your assets to maintain his or her standard of living.

Further complications may ensue if your children are minors, as the court will appoint a representative to look after their interests – it’s not necessarily all about money!

Top reasons to make a will

  • Gives direct instructions to whom you would like your assets to pass.
  • Appoints your executors (the legal guardians of your estate).
  • Protects your surviving spouse.
  • Protects your partner if you are unmarried - unmarried partners aren't automatically. entitled to anything from your estate unless specifically stated in your will - no matter how long you've been together.
  • Ensures your children are provided for financially.
  • Ensures that you choose your children’s (and/or pet’s) guardians.
  • Avoids paying excessive amounts of inheritance tax.
  • Protects your digital assets. Do you want your social media accounts to disappear off into the unknown?
  • Leaves a legacy to charity.
  • Has your affairs in order to reduce your survivors’ stress, and avoids family disputes.

Bishop Fleming provides wealth management advice to individuals, offering a personal and bespoke approach, having listened to your concerns and what you would like to achieve.

Writing your will should be considered alongside such planning.

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