Where there’s a Will...

Monday, 21st September 2009 20:46 - by Resident IFA

A cheery topic today – your Death. It is not a topic any of us willingly contemplate, but more of us undoubtedly should. I can’t say that I know the figures, but I am aware that they are shocking as to how many of us do not have a Will in place. Some will say “It doesn’t matter; my Spouse will naturally inherit my Estate”. But what if you divorce? What if you both die at the same time? I.e. a car accident. Things that appear simple are not always, of course. If you have a Will, when was it last updated? If you have children, are there named Guardians in your Will? Enough questions. One simple thing you can do is make sure your life insurance policies are written in Trust. A simple 2-4 page form completed, whether when applying for your policy or when it is in-force, does the trick. This sets out, in basic legal fashion, who will benefit from the policy proceeds. This stops any impediments and make sure the money gets to the intended beneficiaries in a prompt fashion. This is a simple step to take and costs nothing. Any IFA (Independent Financial Adviser) worth their salt should have the Trust forms ready at the same time as they help you apply for the cover. Back to Wills, I would estimate that a Will costs £150 and upwards. A small price to pay for extra peace of mind, however depressing mulling over the destination of all your worldly goods is! Until next time...