Holborn Assets Reviews: Financial Nightmare Without A Will
Posted on: 07-02-2016 in Retirement Planning
As much as it is dreading and uncomfortable to discuss your dying wishes, the failure to do so will reflect a great burden for your loved ones that you leave behind. Those who die intestate (die without a Will) simply create a financial nightmare for family among other problems, with the worst-case scenario being that the government decides the distribution of your assets and finances. Consider some of the financial burdens faced by your close family and friends:- Inadequate funds and assets are available to guardians of children or step-children under 18 years (until they reach adulthood, assets will be held by a trust).
- Unmarried or divorced partners received nothing if it is not stated in a Will.
- Struggling with banks, utility companies, property sales and other third parties for settlements– leaving your family in limbo for years.
- Managing the properties which may include, however not limited to, mortgages, looking into overseas property, inheritance laws (this may differ from each country and jurisdiction).
- Tax planning, especially if you own significant assets. Invest in some valuable tax planning advice to minimise inheritance tax on your death.
- Change in circumstances, such as getting married, divorced, having children, grandchildren or entitlement to significant assets and finances.
- Missing out on making financial provisions for carers’ of your pets – so that they will be looked after upon your death.
