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.
Avoid leaving your loved ones in a fiscal pickle.
Draw up a Will so that your wishes are taken into account and this will be the biggest peace of mind for you to know that you have left your affairs in order when you die.
