Wills and trusts: how to plan your finances for when you’re gone
A will names your beneficiaries – the people you want to inherit your assets when you die, and appoints executors – the people who will manage the financial process. However, more than half of UK adults don’t have one.
One of the main reasons is that they believe everything will automatically pass to their spouse or civil partner. But this is not necessarily true because your estate is shared out in a standard way defined by the law of intestacy. This decides who gets what and how much, as well as the order of priority starting with immediate family members, and then moving further down the line.
Unfortunately, if you are not married or in a civil partnership your partner is not treated as a family member, so will not inherit anything through the intestacy rules, no matter how long you have been together.
If you own your home jointly, they will, however, inherit that unless a will says otherwise.
If your situation is at all complicated it is wise to hire an expert rather than attempting to set things out on your own. But be warned: will writing is an unregulated market. Ben Mason, chief executive of the estate planning law firm Kinherit, advises you check for a qualification from the Society of Trust and Estate Practitioners when searching for professionals.
This is not legally binding but it can help provide important, more personal, guidance to friends, family and a partner on what to do when you die. It can contain views, opinions and details that complement the will.
You can, for example, give details about the distribution of your personal possessions, give instructions for how you think capital should be managed, or explain the background to any inheritance. You can even make “requests”, such as encouraging beneficiaries
Read more on theguardian.com
