People of all ages die or lose mental capacity every day. Whatever your age, if you have assets such as a house, savings, or a business, and you also have children or other people who need looking after, good estate planning is recommended, and consideration should be given to writing a will, organising Lasting Powers of Attorney and even funeral planning to save your family the worry and expense at what will be a difficult time.
What is it?
Your will tells everyone what should happen to your money, possessions and property after you die (all these things together are called your ‘estate’). If you don’t leave a will, the law uses what are known as the rules of intestacy to decide how your estate is passed on – and this may not be in line with your wishes.
If you have no living family members, all your property and possessions will go to the Crown. Your will can also appoint people you trust to look after your children.
Why choose it?
- Appoint people you trust to look after your children under 18 years (Guardians)
- Appoint people you trust to carry out the terms of your will (Executors)
- Name the people or charities you want to benefit from your estate (called Beneficiaries)
- Leave gifts of specific items or fixed sums of money (Legacies)
- Create Trusts to help preserve wealth for future generations, protect against residential care costs
- State your funeral wishes.