Do you own a house? Shares
or investments? Do you have a
pension plan or a bank account?
Do you own a business?
If you have anything at all in your
name, estate planning should be
an important consideration so you
know for certain the right people
will inherit your assets when the
time comes. In other words, you
should have a Will.
Most people believe their estate
will automatically pass to the right
people when they pass away but
this is not necessarily the case.
Assets of those dying without a
Will are to be distributed under
the laws of intestacy, which could
leave stepchildren or unmarried
partners out of the equation. If no
next of kin can be found, it may
even mean that your money is
given to the crown.
Even Wills that haven’t been
updated to reflect the real value
of a deceased person’s estate or
lack of knowledge as to where the
Will has been stored can create
further problems.
In reality, writing a Will and
keeping it up to date is just good
sense. Estate planning enables
you to consider the impact of
inheritance tax on your estate
and it is principally the only way
to ensure that your wishes are
recorded and carried out.
If you don’t have a Will, it is
advisable to think about what
impact this may have on your
family when you are gone
and ensure your loved ones
are provided for. Similarly, if
you already have a Will, it is
important to keep it updated if
your circumstances change; for
example, if you get married, buy
a property, have children or get
divorced, this change should be
reflected in your Will or you may
run the risk of it being invalid.
You can’t predict when you are
going to need a Will. So if you
own assets or a business now is
certainly the time to think about
writing a Will to ensure both
your estate and your family are
protected.
Also consider mental capacity
and what will happen if you were
no longer able to make decisions
yourself. Who would you choose
to decide what was best for you
regarding your finances, property,
health and welfare? You should
consider making a Lasting Power
of Attorney.
For free advice please call the
local office of Lionheart Later Life
Planning on 01993 220281
Merton House Holiday Hotel Catering for
the older person with disabilities
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