Inheritance is something of a taboo subject for the majority of us, leaving us feeling uncomfortable when faced with talking about making a Will.
A survey by Aviva revealed that 63 per cent of us have yet to discuss the subject with their families, despite four out of 10 expecting to receive money when someone dies.
And it is particularly the retiree age group that should be encouraged to talk openly with their families about their plans and dreams for the future, says Aviva retirement director Clive Bolton.
Despite being a touchy subject, discussing the Wills and who will be dealing with your assets, settling your outstanding liabilities and distributing the balance of your estate in accordance with your Will (Probate) can help families avoid possible complications when loved-ones pass away.
It is important to realise that if you do not have a legally binding Will, your inheritance may be passed on in a way in which you don’t desire.
If you have not prepared a Will, Intestacy Rules will apply instead, which aside from being more complex and expensive administration procedure, provide that:
- Your spouse or civil partner may only be entitled to part of your estate;
- Your children or grandchildren will inherit your assets at age 18, which you may feel is too young; and
- Only blood relatives and your spouse or civil partner can benefit. Your in-laws, friends and unmarried partner (whether having lived with you for many years or not) will NOT inherit your estate.
So why make a Will?
Certainty – in your Will you can choose who you want to deal with Probate, whether you want to give certain amounts or items to a family member, friend, charity or nothing at all whilst understanding how this will legally affect your estate – it’s your choice.
Will types?
A Will can range from very simple to extremely complex – the advantage in all cases is that it works for you so that it goes to whom you wish it to benefit and in the given circumstances.
We offer a no obligation first meeting and also a free service to store your Will in our strong room whether you come to us to prepare it or not.
