Young or old, for most of us, making plans to ensure that our loved ones are taken care of once we have gone, and being certain that they receive the maximum benefit from the assets we have managed to acquire through hard work, is one of the most important things we will ever do.
But, it’s not just how much we are leaving to them that is important. It’s crucial that our assets are well protected and secure whilst we are still here during our lifetime so that our loved ones receive the maximum inheritance when we are gone.
Approximately 75% of the adult population has not made a Will or any other form of Legacy Plan.
The Solicitors Regulation Authority has produced new will-writing guidance in response to evidence that nearly 25% of Wills drafted by solicitors failed to achieve the desired quality.
It’s a sad, but all too common, fact that Sideways Disinheritance affects thousands of families every year. Assets meant for children or other beneficiaries are often diverted away from the desired inheritance line due to one of many possible events in life that will affect most families at some point.
What is most frustrating is that the deceased’s wishes not being fulfilled is all so avoidable. In addition, the many expensive deductions that dilute someone’s estate after they have passed on, plus the lengthy delays a beneficiary suffers before receiving their inheritance, can be mitigated completely or reduced dramatically with a little thought and the right planning.
The problem is often that people just don't receive the help they need to consider all of the eventualities that could adversely affect their wishes. They simply aren’t aware of all the options available to give them certainty and peace of mind that their wishes will be respected and their loved ones protected.