The will to protect

For the majority of us in the UK, life has several common milestones, such as buying a home or having children. Increasingly, more of us are also supporting family members in their later years too. Yet, despite each one of these milestones being reasons to have a will, writing one is often an exercise we, understandably, put off.

Talking about death with loved ones isn’t a pleasant conversation or idea. However, that doesn’t make it any less important. Just as good tax planning ensures that more of your money goes into your pocket, having a will ensures that your estate will go where you want it to as well.

So, despite it being potentially uncomfortable task, making a will is necessary because it
gives you control, protects your family and loved ones and ultimately avoids complexity
and cost later on. 

A will is one of the cornerstones of considered financial planning, as it details how you want your assets to be distributed after your death. In having a will, you ensure your wishes, not default legal rules, determine what happens to the assets you have built up over your lifetime. Plus, if you have
children, a will means you can name guardians to care for them if the unexpected happens. Without one, the courts may decide who looks after them, which might not reflect your wishes.

At TrinityBridge we have found that if clients don’t have a will, it will often be for one of these reasons:

• I’m too young to need one | Many people delay because they think wills are for later life, when you hit retirement, or later still. However, accidents and illness can happen at any age, which is why it’s so important to have a will in place to ensure your affairs are handled the way you’d want them to be.
• My family knows what I want | Families or close friends may well know what you want to happen when you die, but that’s not a legally binding document. Without a will, your estate will be passed on according to the law, which follows a strict formula when someone dies without a will. The results can be at odds with what you would actually want to happen.
• I only need one if I have children | It’s true that parents have an added reason to make a will, but it’s far from the only one. A will ensures that your money, property and possessions go to the people or causes you care about and not those chosen by the default rules of succession.
• It’ll cost too much | In practice, the cost of not having a will is often far more expensive. When someone dies intestate (without a will), solicitors must start from scratch by identifying family members, tracing assets and following complex statutory rules. It can take months to resolve and will cost far more in legal fees than if you had a will.A will is one of the cornerstones of considered financial planning, as it details how you want your assets to be distributed after your death. In having a will, you ensure your wishes, not default legal rules, determine what happens to the assets you have built up over your lifetime. Plus, if you have children, a will means you can name guardians to care for them if the unexpected happens. Without one, the courts may decide who looks after them, which might not reflect your wishes.

Whilst a will is a legally binding document, it needn’t be complicated. They can be as simple or as detailed as you wish. Furthermore, tax rules and family circumstances change. A good will allows for that flexibility.

Wills typically cover:

• Who inherits your estate – your property, savings and possessions
• Executors – the people who’ll carry out your wishes
• Guardians for children – to ensure they’re cared for by people you trust
• Specific gifts or donations – to family, friends or charities
• Funeral wishes – if you would like to express your preferences

Without a will, your estate is distributed according to the laws of succession, which differ between

England, Wales and Scotland, but all follow a fixed, formulaic process. The likelihood that that process truly reflects your wishes or the nuances of your family’s circumstances is low.

Additionally, in the case of more complex or high-value estates, the risks are greater still. Without the right structure in place, your estate could be subject to significant tax implications.

Making a will isn’t difficult and if you collaborate with your financial planner and solicitor, you’ll remove a large amount of the hassle – so your first step should be to speak a trusted professional, either a solicitor or financial planner to understand your options and a way forward.
If you’ve already created a will, consider:

• When did you last review your will?
• Do the provisions still reflect your wishes and family circumstances?

It’s important to frame those answers in light of any changes to tax or pension rules that
might affect your estate. These questions can act as useful prompts when revisiting your will with your financial planner and solicitor, who can work closely with tax professionals to ensure your plan works holistically and continues to work too.

So, when you’re ready to act a few rules of thumb to follow:

1. Speak to your financial planner | They can help identify estate planning issues and help you coordinate with your solicitor or tax adviser.
2. List your assets and wishes | Include property, savings, pensions and personal possessions such as art or jewellery.
3. Choose your executors and guardians | Select people you trust implicitly.
4. See your solicitor | They’ll draft a legally binding document that reflects your wishes and complies with the relevant jurisdiction’s laws.
5. Review regularly | Circumstances and tax rules change. Your will should too. 

Finally, remember that having a will isn’t just about passing on your wealth without any
complex legal ramifications. It’s about peace of mind. With a will, you can help and protect your family by reducing the uncertainty that would arise if you passed away without one.
And while it might not be the most cheerful subject, it’s one of the most important
conversations you can have - planning for what matters most today means peace of mind for tomorrow.