At Poole Townsend, we’re here to help you protect your future. As part of this, we offer a bespoke service to suit your needs, and we even have a Later Life team that is dedicated to advising you and helping you reach the right decisions when they can sometimes feel difficult and overwhelming.
Our expert team is all under one roof and will always provide you with up-to-date knowledge on anything related to later life. There’s no hidden costs, just straightforward advice about issues such as power of attorney, retirement, pension planning, and wills.
Have you made a will? Or thought about making one? From our years of experience, we can’t recommend making a will highly enough, and here are ten reasons why you should book your free appointment and make your will...
1. You have control and will decide how your estate will be distributed
A will is a legally-binding document that lets you determine how you would like your estate to be handled upon your death. If you die without a will, there is no guarantee that your intended desires will be carried out.
2. The chances of disagreements and fall-outs are minimised
Having a will helps minimise any potential family fights and disagreements about your estate that may arise.
3. It is up to you who will take care of your children
Having a will allows you to appoint the person you want to raise your children (if you die while your children are under 18 years old), or to make sure it is not someone you do not want to raise your children.
4. Your partner can inherit even if you are not married
If you have no will and are neither married nor in a civil partnership, then when you die your partner is not entitled to inherit anything. This can be disastrous for the surviving partner, especially if you jointly owned a home.
5. Everything is more likely to happen quickly, easily and cheaply
Your beneficiaries will receive their legacy much faster if you have a will. Losing someone is incredibly difficult, and making a will keeps your loved ones from having to deal with bureaucracy in a time of sadness.
6. You can reduce or eliminate inheritance tax (IHT)
It is often possible to bequeath your estate in such a way that your beneficiaries pay little or no IHT.
7. You decide who will wind up the affairs of your estate
Executors make sure all your affairs are in order, including paying off bills, cancelling your credit cards, and notifying the bank and other business establishments. As executors play the biggest role in the administration of your estate, you’ll want to appoint someone who is honest, trustworthy and organised.
8. You can confirm your funeral wishes
You can record your funeral wishes in your will. These are things that people do not commonly discuss within a family, so formally expressing your views in a will can provide very helpful and practical guidance for those you leave behind.
9.You can make gifts and donations to charity
The ability to make gifts is a good reason to have a will because it allows your legacy to live on and reflect your personal values and interests.
And finally, number 10 – because tomorrow is not promised. Sometimes the realisation that wills are necessary comes too late, such as when an unexpected death or disability occurs. To avoid the added stress on families during an already emotional and challenging time, it may be wise to at least draw up a basic estate plan at the minimum. You can book a free appointment with a member of our Later Life team to guide and advise you about this. Get in touch with us here.