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Why your Will needs to be up to date

15th Jan 2024
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The list of excuses for putting off writing a Will is endless – “My partner will inherit automatically”, “It’s too complicated”, “I’m too young”, “I don’t want to think about dying”, “It’s too expensive” …and so on.  Making a Will is not just about the money or possessions you have, but how you’d like things to be distributed after you die, in the most tax-efficient way possible. It’s sometimes even about how you’d like to be remembered. 

If you have children, without a Will, your spouse or civil partner would receive a statutory legacy.  This is the first £322,000 of your estate plus only 50% of the remainder.  The other 50% would be divided equally between your children. 

If you are not married or in a civil partnership, your partner would receive nothing!

 

Why your Will needs to be up to date | Davenport Thomas | Notary’s public pen and stamp on testament and last will. Notary public tools

 

You only live once and so do your beneficiaries. Making a Will is the only way to ensure that your wishes are carried out in the way you want, and your loved ones are protected throughout the generations.

How it works

Our Will service is offered by Davenport Thomas’ sister company, Roebuck Mortgages and Protection. The service aims to be streamlined and competitive, avoiding the time-consuming process of dealing with a solicitor, as well as avoiding expensive solicitors’ fees. But at the same time, you’re getting the best service from someone who takes time to understand your circumstances, as well as someone you can trust.

David is a qualified Will Writer through the Institute of Professional Will Writers, the recognised professional body regulating and promoting the profession of Will writing in England, Wales and Northern Ireland.

And if you want us to store your Will for you, so you and your family will know where it is, we can do that.

Much more than just a Will-writing service

It’s important to look at the wider picture to make sure that your estate is left to the people you want and in the most tax-efficient way possible, including the use of life policies, trusts and estate planning. This is the advantage of dealing with financial advisers who have a wealth of experience in this area.

As well as writing your Will, we recommend that everyone of any age should consider taking out a Lasting Power of Attorney (LPA). LPAs are a crucial part of financial planning, allowing your attorneys, who are people you have chosen because you trust them, to manage your affairs if you’re unable to do that yourself – perhaps due to illness.  

There are two types of LPA. You can choose to make one type or both, if you are 18 or over and have the mental capacity to do so:

  • A Property and Financial Affairs LPA allows your attorneys to do anything from paying household bills, to managing investments, to selling your home – if for example that becomes necessary to cover care home bills
  • Health LPAs give attorneys the ability to make decisions about your medical care, including your treatment and whether you need residential care.

Also, we know from experience that the task of obtaining probate and completing estate administration can be lengthy and daunting. So, that’s something we can help with too.

Davenport Thomas understands the need for Wills, LPAs and probate services for our accountancy connections and their clients, which is why we set up the sister business Roebuck Mortgages and Protection Limited to help you with this.  For a discussion about how we can help, you can book directly into David’s diary via Calendly, email or call.

David's contact details are:

Calendly - David Fear

Tel number 02088192407

Email is [email protected].

 

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The Financial Conduct Authority (FCA) does not regulate Will writing, tax and trust advice and certain forms of estate planning. The rules of intestacy in England & Wales are different to those in Scotland and Northern Ireland