This period of lockdown has pushed many of us to consider our own mortality. Many clients, in conversation with us over the past 5 weeks, have brought up the topic of reviewing or making a will.
Most people understand the importance of making a will, that it’s the way to ensure their wishes are carried out after their death. Unfortunately, there’s a tendency for many to think that this does not apply to them or it’s another one of those jobs that they’ll ‘get round to’. You may find yourself with a bit of extra thinking time at the moment, so why not put some thought to your will.
For example, there’s a common belief that if you’re married, you don’t need to make a will, but that’s a misconception that can lead to problems.
At Reeves, we had a client, Terry Robson, name changed, who wanted to leave all his assets to his wife, Lorna, but he didn’t see the need for a will as he believed that, by law, everything would automatically go to her in the event of his death. We pointed out to him that this is not the case.
In the UK, the law says that if you die intestate – without leaving a will – while the first £250,000 will go to your spouse, any excess over that will be split, with half going to the spouse and half to any descendants. Any joint owned property will be inherited by the spouse. In the case of Terry and Lorna, they had a 25-year-old son from whom they were estranged and to whom they didn’t want to leave anything. As clients, they were able to discuss this with us and, thanks to our advice, Terry and Lorna both made wills which reflected their wishes.
For obvious reasons, people don’t like thinking about making wills and put it off. Don’t, because the law won’t necessarily do what you intended and leaving it until it’s too late could cost your loved ones dearly. Take action now and tick this off your to do list.
At Reeves Independent we provide a will writing service. We are well placed to advise you on the provisions of your will, particularly if you are a client, as we are already aware of your financial circumstances and family priorities. We can point out things that you might otherwise over-look and we can advise on the most tax efficient ways of tax planning when it comes to inheritance.
We will also store your will securely for you. Just make sure your family knows about this. We’re not only here for you now, but also for your whole family when needed.
Please be advised that the financial conduct authority does not regulate tax and will planning.
These articles are for information only. These articles are based on specific clients and their situation may be different from yours. No advice should be conferred from the articles. No action should be taken without independent professional financial advice as any actions on your pension may be irrevocable and have a big impact on your income in retirement.