Making Your Will – It’s Never Too Early
It’s a sobering statistic – around 70% of the population do not have a Will, leaving a very uncertain future for their families. The importance of making a will can't be underestimated, and here are some of the reasons why you should act quickly if you haven't already done so.
- Dying ‘intestate’ (without a Will) means your possessions will be distributed according to the law of intestacy
- In your Will you can appoint a guardian – a person of your choice – to look after your children if they are under 18
- Administering the estate – with a grant of probate and where there is a Will – is far quicker and cheaper than without a Will
- It is commonly believed that husbands and wives are automatically entitled to inherit everything from each other, but this is not the case
- If you are not married or in a civil partnership, your partner will not inherit from you unless you have a Will
- A carefully prepared Will – drafted with appropriate trusts – is essential for inheritance tax planning purposes and can minimise the amount of tax paid
- You may want to prevent certain members of your family benefiting from your estate; this can only be done through a Will
- You may want to leave something to friends, colleagues or charities; this will only happen if you make a Will
- The absence of a Will can cause problems, heartbreak, financial hardship and unnecessary expense for your family at the very worst possible time.
For a small investment of time and money you can write what you want in your Will, protecting your loved ones whilst enjoying peace of mind.
Even if you already have a Will, you should ensure that it is up to date, as Wills should be reviewed regularly. Ask yourself the following questions:
- Is it up-to-date and relevant?
- Does it still say what you want it to say?
- Does it protect your home from care costs?
- Does it minimise your liability to inheritance tax?
- Does it protect your children if your partner remarries?
- Have you updated your will to reflect your changing circumstances since you became an expat?
Wills should be reviewed regularly – talk to us today about estate planning for expats and why you should always make a will. You can contact us HERE.