Without a will, a client’s estate is governed by intestacy laws, which might not reflect their personal wishes. This oversight can result in unintended beneficiaries, such as distant relatives, inheriting their estate.

IF YOU DON’T HAVE A WILL

For people who die intestate, rules of who inherits their estate are set down in law, which will almost certainly contradict what their wishes would have been.

To my Family: I hereby leave you all several months, possibly years, of financial hardship and expense, whilst you go to unnecessary lengths to sort out my affairs.

To my Spouse/Partner I hereby leave you some (but probably not all) of what I own.

To my Children: I hereby leave you the remainder of my estate and give you the authority to enforce the sale of any part of it (including the family home) to realise your Inheritance.

To Social Services: If my children are orphaned, I give you the authority of Guardianship and the power to choose who shall look after them, including allocating them to foster parents.

To the Tax Man: I hereby leave you all the Tax that I could have avoided and given to my family.

To my Bank and/or Solicitor: I hereby authorise you to charge whatever you feel necessary, to sort out the mess that I have left behind. I realise that this could make you one of the major Beneficiaries of my Estate.

To everyone else I leave you nothing! 

Trusts are vital tools for asset protection, tax planning, and avoiding probate, but many people either do not set up trusts or do so incorrectly.

Changes in a client’s life, such as marriage, divorce, or the death of a beneficiary, necessitate updates to estate documents. This can prevent unfortunate family conflicts from occurring, securing peace of mind for your client.

Digital assets, such as online bank accounts and cryptocurrency, are becoming an increasingly significant part of our lives. As a result, their inclusion in estate plans is a necessity. Failing to include these in an estate plan can result in the loss of both financial and sentimental digital legacies.