Using A Standard Will
When Was The Last Time You Had Your Will Reviewed?
If a death event occurs and you do not have a valid Will in place, then your property and personal affairs will be dictated and controlled by government rules known as the Rules of Intestacy. Essentially the people that you think may inherit your property, or whom you want to gift property to, may not be the actual ones who receive it. To find out more information about the rules of intestacy what it means to die intestate, click here.
The majority of clients that we speak to, have basic or simple Wills in place and 9 times of 10, these will are not adequate to protect them based on their current circumstances.
For most individuals, their life has changed significantly compared to when they first wrote their Will, and unfortunately the Will, especially if it's a simple Will, does not solve the problem any further which will cause distress and potentially massive financial losses without the correct advice.
What Are The Potential Risks You and Your Family Face By Having a Using a Standard Will?
If You died yesterday, are you confident your basic Will is enough to support your current family situation.
Who Will Look After Your Children?
Who will look after your children with the same love, care and attention that you give them. Without nominating the best person, your children could suffer a double blow of pain and heartache
We do not support the deliberate deprivation of assets for the purpose of funding for care. However, we do support the fact the if care is required, your loved ones should get the best support available. Do you want to have a say how your spouse is cared for if required or leave it in the hands of a third party who could care less?
If your children marry and subsequently divorce, your hard earned assets that you would have expected to pass to your children and grand children may not pass to them at all, or perhaps your wealth and assets get's passed to another family all because of a failure to plan and mitigate family risk.
Creditors or Bankruptcy
With a simple will, assets are not protected for the next generation they way you think.
If your children run into financial difficulty with creditors or worse, bankruptcy, the inherited estate will be affected and potentially lost altogether. Is this what you want?
If you have children or loved ones that are considered vulnerable or disabled, a basic will does not allow for the complexities that can arise with providing adequate care and support neither does it take advantage of any tax relief reserved for vulnerable beneficiaries.
Due to poor planning or no planning, the inheritance that you expected to go to your loved ones ends up being directed to someone else, disinheriting the ones you truly love. Even worse, you have no voice to correct the matter.
Other Factors Why You Should Consider Reviewing Your Basic Will?
If You Are A Business Owner
There are significant Inheritance tax benefits available to business owner if you qualify. A basic Will only ensures that those benefits will be lost without careful planning being sought out asap.
If You Own Your Own Home
If you own your own home, and have no will or only a basic Will, your loved ones could miss out on receiving the gift you have worked so hard for them to enjoy.
If You Have Large Amount of Savings & Investments
If you have a large amount of savings, and only a basic Will, you could miss out on valuable Inheritance Tax planning and gifting opportunities.
What's Happens if What You Have Planned in Your Basic Will doesn't Work?
No one can predict the future, which is why making the right type of Will is so important. If a Beneficiary dies before you, or the way the Will is drafted is wrong, the Will shall fail and default to the Intestacy rules. This could ruin all your hard work and planning. A basic Will is limited in these situations. It's important to explore a flexible will.
If Are You A Residential Landlord?
It is more than likely you would have a significant exposure to inheritance tax in the event of a death. To minimize the exposure, you will need more than a basic Will. .
If You Are Expecting An Inheritance
Receipt of a Large lump sum of funds could change your personal wealth and your tax situation. A basic Will may not be enough to protect your increased wealth and may affect the future inheritance of your loved ones.
If You Qualify for the Residence Nil Rate Band?
The law was amended in 2017 and families who fit a certain criteria can qualify for additional inheritance tax allowance. A basic Will could cause this allowance to be missed all together, costing potential thousands.
If You have recently gotten married or divorced
If you have a Will and recently got married, that will is revoked by law and no longer valid. Further complications could arise if you have children and assets owned prior to marriage. Recent Divorce does not revoke your Will, but the Will could fail or not achieve the new plans and goals you have.