Will writing services in and around Hitchin
This past year, we have had the absolute privilege of speaking to individuals, couples and families across Hertfordshire among Stotfold, Letchworth and Hitchin helping to arrange their wills. Surprisingly, 60% of the UK do not have a will or have not thought about writing a will to ensure their wishes are fulfilled.
Lockdown has given families the opportunity to have this time to discuss the importance of ensuring your family’s security if you are no longer around. This security is still very much present with restrictions easing and people’s lives getting busier again.
Do you need a Will?
Our Wills are currently completely free of charge. As part of our will writing service we have a duty of care, as financial advisers in Hitchin, to ensure that all the clients we speak to are well informed. We provide guidance on the financial consequences they could face in the event of their deaths, and to ensure that also while they are alive, that they are in control of their finances.
Why do you need professional will writing advice?
A will ensures that your estate is inherited by the people who you care about, and in what percentage you want it to be received. It also ensures that you can set up back up beneficiaries if your initial choice sadly passes away prior to you. That way your assets are still inherited by someone who you would want it to benefit. The consequence of not having a will means that someone you may have wanted to exclude may receive it or the estate could go to the government rather than a family member or friend.
Have you identified Guardians for your children in your Will?
Importantly, if you have children; it is essential that you appoint Guardians who will take parental responsibility if you pass away before your youngest child turns 18. Not doing so can result in the social services deciding who would be most suitable for your children, and this can be an upsetting circumstance at an already stressful time. You also need to think about the financial aid your Guardians may need if they do take care of your children. Can they afford taking on your children’s financial liabilities and ongoing costs? This is your responsibility to ensure that there is a plan in place to ensure that your Guardians can provide for your children in your absence and this can be done by means of life insurance written into a trust.
Have you considered your Life Insurance when writing your Will?
Several of our recent will writing clients in Hitchin have benefited from a thorough review of their Life Insurance.
When arranging Life Insurance, it is essential that your cover is written into Trust to ensure that your sum assured is given to the right people at the right time.
The general perception from speaking to clients is that Life Insurance will pay out when the death certificate has been confirmed by the provider and that it will go to the people you want to benefit, whether that is your partner or your children. Sadly, this may only happen if your cover is written in to Trust, without a Trust your sum assured goes in to Probate with the rest of your estate, which can take up to 6 months and sometimes longer to be released. Not only that, if you and your partner are not married and you have children, without a Trust your cover will be passed to your children and your partner will not be eligible. Also, any beneficiary who is not your Spouse will be subject to Inheritance Tax on the sum assured if your assets are over the £325,000 threshold, which means you are paying a monthly premium for a portion of your cover amount which was meant to be enough to cover a mortgage amount or maintain your family’s financial worries.
During our Will writing process we can ensure your Life Insurance policies are written in to Trust free of charge to provide the peace of mind at a time where you need the cover the most. We offer a no cost review of life cover. This includes critical illness cover and income protection, as many providers have enhanced the plans meaning you can have a higher level of cover compared to those offered previously.
Further to Guardianship, you need to think about what age would be suitable for your children to inherit your estate or a percentage of, if you were to pass away before their age of 25. A child can inherit and be responsible of the asset from the age of 18, our Wills allows you to choose between 18, 21 or 25. If this happens, you appoint Trustees who would safeguard the assets until the designated age and be able to access it on the children’s behalf up until that age.
No children, no will?
If you do not have children or have a significant amount of assets; it is still important to write your will. You are appointing the people that you trust to manage your estate as Executors to ensure your liabilities are settled and your funeral wishes are set out exactly as you wish.
Are your liabilities covered by your assets?
It is important to ensure that any debts that you have are covered, so that someone else does not have to suffer the cost of paying for those debts.
Funerals are often a daunting idea and the last part of the will you want to think about; however, if you do not think about it, someone else has to on your behalf. A funeral, including service, type of burial or cremation and any gatherings afterwards can cost between £5,000 – 10,000, which must come from someone’s pocket. It is your responsibility to ensure that that cost is prepared and ready for any time that it may be required.
Call our team of will writers in Hitchin
If you have not got a will or have not updated your will, please get booked in with one of our advisers in Hitchin for your free consultation. We will provide you with a digital preparation form to complete prior to the appointment and then we will advise whether the information you have provided is correct and any decisions you have made are well informed.
Kayleigh Madden
Protection, Will & Trust Specialist in Hitchin
