2016 will be remembered for many things, but one that seems prolific is the number of high profile deaths it encountered.
Although each shocked the world in equal magnitude, one that haunts is the death of music legend Prince. It turns out, Prince died intestate; he never wrote a Will.
So why does this matter?
Already, family disputes and potential taxation issues are looking to eat into most of Prince’s estate. Had he written a Will, it would be clear as to whom he wanted to benefit from his estate. Forward Inheritance Tax planning could have alleviated some of the tax liability and he could have helped some of the humanitarian causes that he had supported during his lifetime.
Sadly, Prince is not in the minority. Far too many people leave it too late, either through simply not bothering, or considering that their estate would automatically go to their spouse or partner. This is not always the case.
Although the laws were amended, unmarried couples are still not legally recognised, and as a result, if you do not have a Will, there is a high risk they won’t inherit anything. For them to automatically inherit, they must be named in your Will, otherwise they have just six months from the date of death to file a claim to the Courts, and this is then left to the Courts to decide upon.
In Prince’s case, the family disputes will require lawyers. This in turn will eat up a huge amount of money, and the taxman will need to take what is due in tax.
If you own anything or have children, you must make a Will. Failure to do so could leave your loved ones unprovided for, and children without Guardians.
We live in an ever-changing society, so make it your Valentines gift to your loved one and make a Will, or review your old Will to ensure it is still up to date and it truly reflects your wishes.
Give the gift of LCS this Valentines and call us now on 0345 017 8250 to make a Will appointment.