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Some people assume that assets will automatically be left to loved ones when you pass, but it isn’t as simple as that.
Stipulations need to be placed into a legal document (Last Will & Testament), so that your assets and wishes are carried out. Everything from financial matters to guardianships can be included.
This will provide you with:
Control Over Assets:
A will allows individuals or couples to dictate how their assets and possessions will be distributed after their death. Without a will, the law dictates how assets are distributed according to intestacy rules, which may not align with your wishes.
Guardianship:
For couples with children who are minors, a will allows them to appoint guardians to take care of their children if both parents die before the children reach adulthood. This ensures that the children are cared for by individuals chosen by the parents.
Tax Efficiency:
A carefully drafted will can help minimize the inheritance tax liability on your estate. This can potentially save your beneficiaries a significant amount of money.
Avoiding Family Disputes:
A clear and legally binding will can help prevent disagreements and disputes among family members regarding the distribution of assets. It provides clarity and minimizes the chances of legal battles over the estate.
Expressing Wishes:
A will allows individuals or couples to express their specific wishes regarding their funeral arrangements, charitable donations, and any other special requests they may have.
Protecting Unmarried Partners:
In the UK, unmarried partners do not automatically inherit from each other in the absence of a will. Having a will ensures that your partner is provided for after your death, particularly if you are not married or in a civil partnership.
Preserving Family Assets:
A will can include provisions to protect family assets for future generations. This could involve setting up trusts or specifying conditions for the distribution of assets to ensure they remain within the family.
Overall, having a will provides peace of mind, ensures your wishes are respected, and simplifies the process of estate administration for your loved ones during what is already a difficult time.
It can sound quite daunting but we can help simplify the process for you.
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