Description

Tony continues his series on estate planning with the consideration of making a will. Talking about your death with relatives and professionals is a difficult conversation to have, but it is vital if your wishes are to be respected and enacted upon your passing. 

KEY TAKEAWAYS

• Unmarried couples have no right to any of the estate if there is no will. 
• A will is essential to mitigate a potential inheritance tax liability.
• Where a person dies without a will the distribution of the assets is subject to statutory rules called intestacy.
• A consequence of intestacy is the estate may have to include benefits to children as well as a spouse or civil partner.
• Separated spouses still not yet divorced continue to have rights to the deceased estate.
• If the deceased has no surviving relatives the property goes to the crown.
• Relatives will usually be expected to be executors and may be unsuited to the role.
• Jointly owned properties and possessions can be a way of protecting your spouse, allowing them to have access to joint bank accounts, for instance, before the estate is settled.

BEST MOMENTS

‘The beneficiaries of the deceased person that they may want to benefit from the estate may be disinherited.' 

‘An unmarried partner doesn't automatically inherit anything and may need to go to court to claim for a share of the deceased assets.' 

‘There may also be liabilities that may need to be included and taken into account and may include mortgages, could be credit card balances, could be bank overdrafts, could be loans or indeed equity release.'

‘There is also something called a partial intestacy. This can sometimes happen even when there is a will in place, for example, when a will is not valid or when it is valid but the beneficiaries die before the testator.'

VALUABLE RESOURCES

Tony Talks Wealth - https://omny.fm/shows/tony-talks-wealth  

Sign Up Now For Exclusive Tony Talks Wealth Content at https://www.patreon.com/TTWealth  

Wills, Lasting Powers of Attorney, Trust and Estate Planning Specialists - Kinherit

ABOUT THE HOST

Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.  

“Live For Today, Invest For Tomorrow”

CONTACT

Tony's official website: https://ttwealth.co.uk/

Facebook: https://www.facebook.com/TonyThomas.IFA/

LinkedIn: https://www.linkedin.com/in/tonythomas2/

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