Spring is well and truly here. Baby birds are leaving their nests, trees are full of new growth and the world feels alive with life.
So today we’re covering a topic few of us want to talk about.
It holds morbid fascination for some of us while others bury their heads.
Yet, it’s an inevitable part of life.
No, we’re not talking about taxes, we’re talking about death.
Such is our aversion to talking about it that, according to the Law Society, the majority of Britons have not written a will.
Their research revealed that 73 per cent of 16-54 year olds don’t have a will. The biggest reason people don’t write them is because they don’t believe they have anything worth leaving.
Not only does this myth mean your final wishes will most likely not happen, but it can cause not just emotional upset, but financial devastation for the loved ones you leave behind; creating unnecessary inheritance tax liabilities.
Despite people feeling that have nothing of worth to leave, during 2014, £8m went to the government because people died intestate. Twenty-three per cent of respondents wrongly believed that without a will, their possessions would automatically go to their family.
With a will you escape the intestacy issues, but it must be kept up to date to avoid problems for your executors.
Whether you’re putting it off due to superstition, think you’ll never find your way around the jargon or are scared of accidentally signing over your worldly possessions to your ex, we can help!
Think about the small cost of sorting out your will compared to your loved ones having to sort out an estate with no will, or an out-of-date one. The whole point of a will is to make things easier for your nearest and dearest in the event of your death.
One word of advice before you make or revise your will: talk to us first. Your will is usually a key part of inheritance tax planning, so this needs to be reviewed before visiting the will provider.
The value of tax reliefs depends on your individual circumstances. Tax laws can change. The Financial Conduct Authority does not regulate tax and trust advice.