Discussing what will happen after you die is often a taboo subject, however it’s wise to start planning as soon as possible.
Around £1 billion was left ownerless last year due to people dying without a will in place, and while it can be a hard topic to bring up with loved ones, planning your estate at the soonest opportunity can save your family stress and, in some cases, a lot of money.
The average cost of funerals rose by 3.9% in the year 2014-2015, with the estimated average cost of a funeral in the UK standing at £3,600. There are funeral subsidies available for those on low incomes (which has been frozen at £700 since 2003), however with the average funeral costs much higher than this, it can be a struggle for loved ones to find the extra money.
Planning in Advance
Another benefit of writing a will is that you can pre-plan your funeral to ensure that your wishes are carried out upon your death. The sooner you do this, the more time you have to work out smaller details and check that your wishes are accurately represented.
If you would like help planning your estate or writing you will, please get in touch and we will be happy to advise.
With a huge number of adults in the UK not having written a Will yet, we take a look at some key pieces of information around Wills that you may not know…
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Over half of British small business owners do not include instructions on what to do with company shares in the event of their death.
Over £400 billion could be passed down from grandparents straight to grandchildren in the coming decades.
People are being urged to leave their loved ones clear instructions on how to access personal accounts including social media, websites and bank accounts.
Without a will you have no control over what happens to your estate once you die. Will Aid aim to raise awareness of the importance of writing a will as soon as possible.
With more UK families paying inheritance tax than ever before, the government has introduced new rules for the inheritance tax free allowance.
Last year, almost £1 billion was left ownerless as a result of people dying without having written a will. But what happens to this money when no recipients have been specified?