When making a Will, ensuring that your assets actually reach your intended beneficiaries, rather than ending up in the wrong hands, can sometimes prove more difficult than you may initially think!
The majority of Wills leave assets “absolutely” to the intended beneficiaries. This means that your beneficiary will inherit what you are leaving them outright, with no considerations to what their circumstances may be at the time of your death, or indeed what their circumstances may be in future. This can sometimes mean that what you intended to happen, can go badly wrong!
Have you considered what would happen if:
- Your surviving spouse were to remarry?
- Your intended beneficiary is in the middle of a Divorce or Separation?
- Your intended beneficiary is having financial difficulties or going through bankruptcy?
- Your beneficiary is in long term care, or perhaps enters long term care in the future?
Consideration also needs to be given to Inheritance Tax, not only in your own estate, but also the potential effect inheriting assets can have on the estate of your beneficiaries and their own Inheritance Tax position i.e. Generational Inheritance Tax. With the introduction of the Residential Nil Rate Band in April 2017, it is more important than ever to review your planning.
If you have not reviewed your Will for some time, or have concerns about any of these issues, Lifecare Planning Solutions are able to offer a Free Will review and initial meeting to discuss your concerns and requirements.