It’s fair to say that many adults in the UK put off making a will, even those in the legal profession who should know better. It is almost as if the act of making a will means acknowledging that one day they are going to die.
It is not death that a man should fear, but he should fear never beginning to live.
Making a will is a really important building block in terms of financial planning. At the very least it helps to ensure that you control what happens in the event of your death actually does happen. For example you may have strong views about the nature of your funeral service with or indeed without a religious ceremony.
The growing popularity of green burials is an example of something that can be catered for in your will. You may want to ensure that certain of your possessions go to the right people so a valid will might help to avoid family squabbles.
Married couples and those in Civil Partnerships, particularly those with children from the previous relationships, should take particular care because the laws of intestacy (how the State dictates your estate should be distributed if you die without a valid will) might hold some unwelcome surprises.
The surviving partner will get the personal possessions of the deceased spouse and the first £250,000 of the estate and half of everything above this. The rest goes to the children. This may absolutely not be what was required.
Making a Will does not mean you are going to die! But it does make more sense to die with one.
If you would like to speak to one of our trusted Law partners about making a will please get in touch.
Jon Doyle is Founder and Financial Planner at Juniper Wealth Management. Advising clients since 2008 he has guided clients through good time, bad times and the ugly. With a clear vision on how advice should be delivered and strong opinions on how we should be investing money in order to live the life we want to live free from money worry.