Writing a will might be the single most important thing someone can do for themselves, and more importantly, for their family and friends.
But according to new research, more than half (53 per cent) of British parents with dependent children do not have a will, effectively leaving their kids without guardianship or financial protection.
And without one in place – known as intestacy – you are putting your legacy, quite literally, in the hands of a stranger. And from there, your property and life savings could be distributed between anyone and everyone who has a legal right to your inheritance.
Likewise, under the rules of intestacy, unmarried partners, relations by marriage, friends, carers, and charities have no right to inherit anything, unless it is clearly spelt out in a will.
And while an airtight will is the only way to ensure that your wishes will be honoured following your death, it should be eminent that careful planning now can avoid emotional – and very expensive – pitfalls later.
Do you need help planning your will?
As a firm that specialises in Inheritance Tax planning, our goal is to ensure that you will be passing down the financial security that your family deserves.
What we can do for you:
- Income provision in retirement
- Capital gains tax implications
- Inheritance tax planning
- Wills advice
- Asset protection
- Business exit strategy and succession planning
Remember, it’s never too early to plan for your future. Contact JW Hinks for more information today.