Legacy Planning — Top tips to protect those you love…

Why is Legacy Planning so important to you?

Unfortunately, both of my parents died before I was 18, which had a massive impact on my early adult life.

Luckily, my parents had taken some good financial advice, and our family home was put into a trust until myself and my sister reached 25.

At the time of their death, I know I wasn’t mature or experienced enough to make good financial decisions.

I know that if my parents hadn’t put a suitable trust in place, I wouldn’t have had any significant assets left after a few years.

Why get a Will?

Some of the key ones are listed below;

• Making sure your money, property or other assets go to the right people or organisations.
• Saving your family stress at an emotional time.
• Avoiding family disputes
• Providing a Legacy for future generations
• Giving specific gifts to individuals or groups
• Giving to charities or other good causes
• Appointing a guardian for your children
• Providing for your children or step children
• Leaving assets to your partner, if you’re unmarried
• Choosing an executor
• Expressing your end of life wishes

When should you get a Will?

Wills, aren’t just for old people, those who are sick or parents.

As none of us know when the worst can happen, it is important that all adults put a Will in place, when they have something to give, and someone to give it to.

This statement is very vague, so for the purposes of clarity, I would normally consider that anything over £5000 should be considered significant.

For those adults who own a property, and particularly those people with children, making a will is highly recommended.

It is also extremely important that cohabiting partners make a Will, if they want to leave anything to each other.

It is estimated that 10.4% of the UK population are cohabiting. People in these circumstances don’t have any automatic legal rights to inherit anything from their partner if it isn’t recorded in a Will.

How do you go about making a Will?

There are several options for making a Will, and the best one for you will depend on your circumstances.

Some of the options are outlined below.

• You can complete a Will online or complete a DIY Will.
• You can instruct a solicitor to write a Will for you.
• You can ask a specialist Will writing or Legacy planning company to do it for you.

There are several options for making a Will, and the best one for you will depend on your circumstances.

Some of the options are outlined below.

• You can complete a Will online or complete a DIY Will.
• You can instruct a solicitor to write a Will for you.
• You can ask a specialist Will writing or Legacy planning company to do it for you.