Benjamin Franklin put it best when he said the only certainties in life were death and taxes.
But if we know we only have finite time on this earth, why do many of us put our head in the sand when it comes to this inevitability?
Research has shown that nearly two thirds of adults do not have a Will. This means money, property and even dependent children could be left with someone they have not chosen – or even come under the control of the state.
We help people with End-of-Life planning to make sure their loved ones continue to be taken care of – including Will writing, complex trusts and an online secure vault to account for your assets.
So, here are three tips to give you peace of mind:
1. Make a Will.
A Will can make sure the right assets go to the right people and help prevent family fallouts.
Perhaps one of the most important parts of writing a Will is to name guardians so your children are cared for by people you have chosen.
Without named guardians, the local authority could be put in charge of decisions around the care and finances of your child even if a relative has responsibility for the day to day care
In worst case scenarios, your children could be placed in care.
We would advise that when choosing a Will-writer, you check there are no hefty charges referred to in the small print.
Contested Wills are on the increase and some can go on for years, making the assets untouchable. We also suggest you ask your Will-writer how they can make your Willmore watertight.
Consider putting an asset protection trust in place. Did you know your own children could lose out on their inheritance if your partner remarried? Or that your child might have to give away half their inheritance if they divorced?
A trust can help protect future generations from such events. It can also help prevent big bills, such as Inheritance Tax.
3. Make your assets easy to find.
According to government figures, the value of unclaimed estates in the UK could run into the billions.
With this in mind, the team at kinherit has designed an online vault, to store anything from bank to jewellery details.
This system helps make the probate process quicker and cheaper. Users are regularly reminded to update their details.
*Find out more at https://www.kinherit.co.uk/