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Making a Will in laterlife

Making a Will

To 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, Laterlife has teamed up with Skipton Financial Services (SFS), who are a 'Whole of Market' financial advisor to offer a Will Writing Service. Working with Skipton Trustees Limited and Redstone Wills Limited.

If your Will requirements are relatively straightforward, they can 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 provide you with no-obligation specialist advice.

For support and guidance arranging your Will, call SFS on 0800 145 6661.

Skipton Financial Services Limited is authorised and regulated by the FSA under registration number 100013.

More on:
About Skipton Financial Services
Types of Financial Advice
Retirement Planning - Financial advice
Inheritance Tax - Financial advice
Making a Will
Investing your money
Monitored Informed Investing (MII)
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Making a Will

IS THERE A PLACE FOR US IN YOUR WILL?

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Retirement Planning
Inheritance Tax -
Investing your money
Monitored Informed Investing (MII)

Free downloadable Guides
for planning finances in later life

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