If you do not have a Will in place, you have no say over what happens to your assets when you pass away, and this can cause many difficulties for your loved ones and dependents.
It is particularly important to have a Will in place if you own your own property, are married, have entered into a Civil Partnership, have a long term partner, have dependents or wish someone to benefit from your assets who is not a close member of your family. By making a Will, you can stipulate how you would like your assets to be distributed in the event of your death – giving you and your family protection and peace of mind.
There is a general misconception that if you are Married or have entered into a Civil Partnership that your spouse of civil partner will automatically inherit everything you own upon your death. This is not the case. On the contrary, the law sets out who gets what in the Law of Intestacy. These laws may not represent your wishes, which is why it is important that you consider setting up a Will to ensure that your wishes are followed. Furthermore, the law makes no provision for a partner if you are not married or in a civil partnership – even if you have lived together your entire lives.
It is increasingly more available to write your own Will, or buy a Will Online, but we strongly encourage that you speak to a professional who will be able to guide you through all the options available to you.
You have spent all your life working to own your assets, surely it is worth ensuring that your assets go to who you want them to go to in the event of your death? A professional will ensure that your Will is set up correctly, that you wishes are followed and will even help you with any tax planning issues that arise.
Brooks Financial Consultancy Ltd does not advise on or write wills but refers enquiries to Brook Worthy Law.
The Financial Conduct Authority does not regulate Will Writing
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