One third of UK Adults Do Not Have a Will
New research has shown that millions of adults across the UK have not told their families what they want to happen to their money and property when they die. STEP, the Society for Trust and Estate Practitioners, reported this week that a survey found 8 out of 10 adults had not shared their wishes with loved ones. Around a third did not even have a will, which means their estate could be dealt with under legal rules instead of according to what they or their family might wish.
So, what can people do to avoid this?
The simplest answer is to make a proper and valid will, think about whether a trust might help, and make use of tax-efficient ways to save or invest where appropriate.
If someone dies without a valid will, their estate is usually dealt with under the Rules of Intestacy. That means the law decides who gets what, which may not reflect the person’s own wishes and can sometimes create extra stress, delay, and tax problems for the family.
This particularly affects those with blended families and can often lead to will disputes (also known as contentious probate).
A few practical steps can make a big difference:
Make a valid will: Put your wishes in writing, sign it properly, and have it witnessed correctly. This helps make sure the right people deal with your estate and that your money and property go where you want them to. To ensure your will is valid and unlikely to lead to a dispute, consider instructing a specialist lawyer or will solicitor in Plymouth. The cost of professional legal advice will undoubtedly balance out the time, stress and cost of a future dispute
Consider a trust: A trust is the formal transfer of assets (property, shares or cash) to a select group of trustees or a trust company. It allows individuals to protect their assets and control how they are used after they have been given away. You can set up trusts during your lifetime or in your will. In some cases, a trust can help protect assets, support vulnerable family members, and reduce potential tax issues. There are several types of trusts, and they are not right for everyone, but are worth exploring. Speak to a specialist trust solicitor in Plymouth who can provide you with the best advice to suit your circumstances
Set up lasting powers of attorney: A Lasting Power of Attorney (LPA) allows you to give an individual of your choice (your attorney) the authority to make decisions on your behalf at a time when you may be unable to do so yourself. This could be through illness, injury or any other condition which may affect your mental capacity. There are two types of LPA, and you can choose to make one, or both – property and financial affairs and health and welfare. Again, a specialist private client solicitor or lawyer can provide you with the best advice as to which LPA is best suited to your needs and who is the most appropriate attorney to protect your best interests.
If you would like more information about wills, trusts and LPAs, particularly as to how they can best be utilised to suit your needs and protect your assets, then call GA Solicitors in Plymouth. Our specialist wills, trusts and probate team will work with you to understand your situation and provide the best legal advice for you and your loved ones.
Call the team today on 01752 203500 or email enquiries@GAsolicitors.com.
GA Solicitors’ private client team is ranked in Chambers High Net Worth and The Legal 500, and many of our team are also accredited by STEP and the Association of Lifetime Lawyers. You can be assured you are in the best possible hands
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