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Making a Will in laterlife

Making a Will

Amazon Books - Beginner's Guide to RetirementTo ensure that your partner’s and/or family’s inheritance is secure, it is important that you make a Will. If you do not, everything you leave will be allocated according to Intestacy Rules. As a result of this, your possessions may not be distributed as you would have wished.

By having a Will you may avoid all kinds of complications and expense for those who inherit, and it could mean that your estate can be distributed without long delays.

What are Intestacy Rules?

Intestacy Rules apply should you die without having made a Will. Under these rules, assets are often passed to unintended beneficiaries, unwanted trusts with limited powers of investment can be created, and undesirable Inheritance Tax consequences may occur.

Intestacy commonly leads to a greater delay in obtaining a Grant of Probate than if a Will had been made, and may also be more complex and expensive to administer.

 

 

 

What do I need to consider when making a Will?

Before you start to make your Will you should:

• Make a list of all your property and assets

• Think about who you would like to inherit them

• Consult anyone you need to about your choices

• Think about who could be Executor(s) and Guardian(s), and obtain their agreement.

Most importantly, you should seek advice. It is all too easy for a home-made Will to create unintended results in the distribution of assets. Both members of a couple should make Wills, even if one of them has relatively few assets. Marriage revokes an existing Will.

It is essential that when drawing up a Will you consider investment, taxation and other financial implications. Financial advice goes hand in hand with decisions relating to Will planning.

Who Can Write a Will For Me?

Wills can have a reputation as being costly and time-consuming, but in the majority of cases they are actually uncomplicated to arrange and maintain. If you have very straightforward requirements, you can even download a form from the internet or buy a pack from WH Smith and write a valid Will yourself. A solicitor can also organise your Will, though this can prove to be a costly option and may not take into account whether you have additional estate planning needs, such as a potential Inheritance Tax liability.

In order to provide more comprehensive guidance that takes into account your wider financial needs you may want to consider a Financial Advisory Group that also offers a Will writing service.

If your Will requirements are relatively straightforward, they can usually make appropriate arrangements in a quick and efficient manner. If they determine you have other estate planning needs which could form part of your arrangements, they can often provide you with no-obligation specialist advice.

More on:
Types of Financial Advice
Retirement Planning - Financial advice
Inheritance Tax - Financial advice
Making a Will
Investing your money
 


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LINKS TO OTHER LATERLIFE FINANCIAL SERVICES PAGES

Retirement Planning - General guidance, Retirement Pension Planning, Inheritance Tax Planning - General guidance, Equity Release, Long Term Care, Making a Will, Annuities, Finding a Financial Adviser


Take a look at our overall section on retirement planning too.


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