A Will is the simplest form of Estate Planning
Will Writing and Lasting Power of Attorney are not part of the Intrinsic Financial Services offering and is offered in our own right. Intrinsic Financial Services accept no responsibility for these aspects of our business. Will Writing, Lasting Power of Attorney and Estate Planning are not regulated by the Financial Conduct Authority.
Estate Planning consists of everything from your Will, to a Trust that can protect your assets, a succession plan for your business, an LPA if you or a loved one are reaching diminished capacity, to what happens to your pension or life assurance plan after you have gone.
Most people simply need a Will so their assets are distributed in a way they would prefer, though we all have different requirements based on our personal circumstances.
What Happens without a Will?
Writing a Will is the only way to protect your family and give yourself peace of mind.
Should you die intestate (without a Will) you will have no control as to where your property or assets go, thus leaving it to the government’s discretion. (See the chart below for a breakdown of the intestacy process.)
Your family will be left with many legal complications, delays for months or years may occur while the courts decide how to proceed with your assets, and most likely more costs will be incurred in what will be an already difficult financial time.
A Will puts you in full control of how your assets will be distributed, ensuring your loved ones are looked after in the way you desire.
Take a look at the chart below to see what happens to your assets should you die without a Will.
Separating the fact from the fiction
Many people believe they don’t need a Will for one reason or another. For example:
|“I’m married, my partner will inherit everything and that’s what I want.”||You must consider how your partner will access joint bank accounts and any utility bills that are in your name.|
|“We’ve asked our close friends to be the godparents of / look after our children if the worst were to happen.”||If you don’t have a Will, it would be an extremely difficult and lengthy process for your friends to prove this. If your friends didn’t have what is deemed as valid proof, children may have to stay elsewhere.|
|“If I were unable to make my own health decisions, my family would know what to do.”||Without nominating a Lasting Power of Attorney, no one has the legal right to make your decisions and a lot of family disputes can be caused. If you haven’t a specific person or people nominated to make these decisions they could take the pressure off their loved ones in an already difficult time.|