Making a Will is an essential part of financial planning.
(PRWEB UK) 24 July 2013
Currently only one in three people in the UK have a Will in place, an amazingly low percentage considering how important a document this is. At the end of the day, a Will is the only way a person can be certain that their money and belongings go to the right people and that they don’t incur unnecessary taxes to the government.
Over 50s personal finance comparison site Over50choices believes this is down to a number of factors, which includes people believing they are two young; that their belongings will naturally go to the right people or that they don’t have enough possessions in the first place to warrant making a Will.
Company Co-founder Ashley Shepherd warns of the risks of doing nothing. “People often mistakenly believe that their possessions will automatically go to the right people and their family will sort everything out when the time comes. Unfortunately time and time again we hear tragic stories of families battling to get what they believe is rightfully theirs. These days our lives tend to be far more complex than they used to be. Lives are ever changing what with people getting remarried, divorced, separated or choosing to live together; having children, stepchildren and grandchildren. These changes are all good reasons for making a Will. We never know what is around the corner so why leave it to chance? It’s just too much of a risk."
The company points out that the consequences of not having a Will in place can often have a traumatic effect on families, adding that with the rules of intestacy, people should not automatically assume that their husband or wife will inherit everything.
If a person dies without a Will in place, they are said to have died intestate, in which case the rules of intestacy apply. These statutory set of rules determine how the estate will be distributed, dictating who will receive what and in what priority.
For example a married couple shouldn’t presume that their husband or wife will inherit everything as they may have to share the inheritance with other members of the family.
Ashley goes on to say that unmarried couples should be especially careful as according to the rules of intestacy, they have no rights at all, regardless of the length of time they have been together.
These days making a Will is a fairly straightforward process and doesn’t have to cost a fortune. There is help online for those who opt for a DIY Will however Over50choices advises on the importance of ensuring the Will is legally valid, offering the help of their Over50choices legal services team, so visitors to their website can be certain that their Will is fit for purpose.
Whilst you can buy DIY Will kits, Over50choices warns that unless your Will has been professionally prepared, you could be storing up trouble for the future.
Recognising that a trip to the solicitors can seem quite daunting to many and possibly a contributory factor as to why so few people have made a Will, the company has launched Over50choices Legal services. The easy to use service, offers the support of a team of professionals who use customer friendly language and are available both online and over the telephone, helping guide people through the process of making a Will.
In fact the company is so committed to endorsing the virtues of a Will, they are giving a Free Will and 3 months Legal Services Membership at no cost to all customers who buy a Funeral Plan through their website. “We believe that Wills are a big part of funeral planning and therefore should go hand in hand with a Funeral Plan," states Ashley Shepherd. “Both are essential parts of financial planning, ensuring the people you care about are protected no matter what happens to you in the future."
As well as the Free Will Offer, the website explains more about the different types of Will and how to go about making one in plain English, avoiding the legal jargon that is all too often confusing and disconcerting. In addition to Wills, the comprehensive site also offers help for those wanting further information on Probate, Inheritance Tax and Trusts.