5 Reasons You Should Make A Will Before 2018 Is Up!

At the beginning of 2018 it was reported that nearly two-thirds of UK adults don’t have a will¹. That’s two-thirds too many when faced with the prospect of their money, property and other assets being automatically inherited by someone they didn’t choose.

Perhaps getting a will was on your to-do list at the beginning of the year. 10 months in, you can ask yourself; have you done anything about it? At Cooper Parry Wealth we don’t just focus on one aspect of your personal finances, we look at everything, including legacy planning. We always encourage you to create a will or make sure your existing will is up to date. Here are the top 5 reasons why:

1. Dying without a will results in consequences that will be out of your hands – this is called dying intestate. It means that a set of rules determines who benefits from your estate. Unmarried partners, close friends, relations by marriage or carers will have no right to inherit.
2. A change in circumstances can make your will void – changes in your life can have a knock-on effect and, as with your financial plan, you should make sure your will is kept up to date. For example, marriage can make your will void in the eyes of the law, or you might welcome a grandchild that you would like to inherit some of your estate but the current will means they’re not catered for.
3. Inheritance tax planning – a will can help to reduce the amount of inheritance tax payable upon your passing. We work with clients to manage their tax commitments, so don’t let any planning go to waste, as it could affect the pot of money left behind.
4. Reduce the stress involved – we all know how difficult the loss of a spouse or loved one can be. Having a will in place reduces stress at a difficult time. Our clients and their families know they can turn to us in this daunting time, but having a will in place makes the process easier and far less worrying. You can also use your will to address funeral plans so your family don’t have to guess your wishes.
5. Taking care of children or dependents – you can use your will to nominate a guardian to children that are minors. It’s unsettling to think about the circumstances in which you might pass away, but you can get peace of mind that your children will be looked after by someone of your choosing.We know that making a will is often an uncomfortable thing for people to think about. But whilst we’re here making sure you’re living life to the full, we also want to help you plan for the future. You might be unsure about where to turn when making a will. We can help you with that decision and make sure you cover everything when it comes to your finances. If you want to chat, please get in touch.

¹Independent January 2018

The Financial Conduct Authority does not regulate personal tax advice. Tax thresholds, percentages and tax rates are in line with our current understanding of HMRC legislation and are subject to change. Taxes are dependent on individual circumstances.