Planning for when you die is not a pleasant thought for anyone, but it is absolutely the best way to protects your family and your loved ones.
There are a number of ways you can do this.
The first and most important thing you can do to look after your loved ones after you die is to make a Will. You can use a specialist solicitor to help you do this.
A Will is important for many reasons. Firstly, it means that you are certain that your loved ones are taken care of. Dying without a Will, known as intestacy, means that your estate will be divided according to the law. The rules of intestacy are very rigid and could result in you leaving someone you love in serious financial trouble. If you lived with your partner but never married, they would not be entitled to anything under the law of intestacy. So you can see how important a Will is for that reason alone.
Secondly, when you make a Will you can leave your family instructions about what your wishes are for your funeral. When you lose someone, it’s an upsetting and emotional time and if you’ve actually voiced whether you want to be buried or cremated, this can give your loved ones a sense of peace in knowing they are giving you what you wanted.
Thirdly, by making a Will you can be certain that your children will be looked after no matter what happens. If both you and their other parent die, having a Will in place that names who you want to be their legal guardians should mean that those carefully selected people will continue to love, care for and raise your children in the way you would want them to be raised.
Lastly, your Will gives you a great opportunity to tax plan. There are many different ways you can use your Will to plan for your loved one’s future. You can prepare a property trust to help protect some of your home from care fees, you can leave a legacy to a charity to continue their work which could also result in a reduction of Inheritance Tax for your family from 40% to 36% saving thousands of pounds.
In short, there are many different ways your Will can help you plan for a time when you are no longer here, but offer your family and loved one’s protection.
Speak to a specialist solicitor today on 0208 520 4555 or contact us online and we’ll be happy to help.