Updated 23/3/21
It’s hardly surprising that so many of us put off the task of making a Will. Without a Will, however, you might be disconcerted to find how easy it is for your assets to be distributed in a way that you’d never intended. The exact rules of distribution depend upon where you live in British Isles, as some details differ between Scotland, Ireland, and England and Wales. However, if you are not married or in a civil partnership, the law is united in saying that your partner will have no automatic right of inheritance. Without a marriage certificate, your children and parents will benefit instead.
Even if you are married, there are many good reasons for making a Will. First and foremost, it allows you to take positive decisions over who receives something; this might include friends, charities or local societies, which are entitled to nothing without your say. You can also decide if ex-partners – or, perhaps more importantly, ex-partner's children – should be helped out. And, if your estate is greater than £325,000 (£650,000 for married couples), a Will can help you plan to reduce your inheritance tax liabilities.
If you approach your Will from a positive angle, you might find it actually becomes a rather positive experience. Considering all these factors in advance can help your peace of mind and ensure that your family and friends will be looked after in exactly the way you would wish.
The Financial Conduct Authority does not regulate Will Writing and some forms of Inheritance Tax Planning.
This article was written by Culverhouse Financial Planning Ltd.
The article outlines just some of the things you could consider in relation to making a Will. It does not represent financial advice. If you would like personalised financial advice please contact a financial adviser.
Remember that the value of investments can fall as well as rise and past performance is not a guide to future performance.
Taxation is based on current legislation which is subject to change and will also depend on the individual circumstances of each investor.