Some realities that just can’t be ignored, and whilst statistics suggest more people are making Wills in the UK, most families are still facing unnecessarily high Inheritance Tax (IHT) bills.
The reluctance to adequately plan for the inevitable will leave millions of families to suffer significant financial distress, in addition to having to deal with the loss of a loved one.
A recent Saga report suggests that an astonishingly low figure of just 11% of people over 50 actively seek to use any kind of estate planning services. The numbers look even worse for those under 50 with fewer than 15% having at the very least a Will in place.
That’s a shocking number when you consider that younger people are more likely to have children under the age of 18. The inherent risk of not having appointed a guardian (in the event that they pass away while their children are still minors) can lead to a horrendous situation in that the children could be made a ward of the court until social services find a suitable solution to place the child into an appropriate setting.
If you take anything from this article note this. The belief that your sister, brother or even the Godparents automatically get the children is a myth, so hang on to that one at your (or the children’s) peril.
So just why do people bury their heads in the sand when the danger of inaction puts both their estate and their loved ones they want to protect, at risk? Well, death remains a taboo subject with most people and somehow talking about it seems to invoke the feeling in many that it will bring the date with the grim reaper closer. Even if that meeting comes in the form of Joe Black (AKA Brad himself) it still sends most into an ostrich type pose.
The reality is that once appropriate provisions are in place people tend to feel much happier and comforted that they have looked after the ones they love.
So don’t worry about meeting Joe Black, instead meet your solicitor and get your Will in place.
The information provided in this article is not intended to constitute legal advice and you should take full and comprehensive legal advice on your individual circumstances by a fully qualified Solicitor before you embark on any course of action.
Wills, Trusts & Probate team
0207 183 1485