Discussing your Will and Estate planning may not be the most exciting or cheerful thing to discuss around the dinner table with your family and close ones, indeed it can be intimidating and upsetting, but it is important and could save stress, confusion and money in the future.
There are many advantages of discussing your plans and intentions with your loved ones.
Firstly, talking about your Will and Estate planning it will make it easier for your loved ones. When you pass away this will inevitably be a very stressful time for your family and close ones, but letting them know that you have made a Will, where this Will is kept and who the Executors are under the Will, will take away some of this stress. So they know what to do when the time comes, we recommend keeping all your documents together somewhere safe and secure and letting those closest to you know the location.
Secondly, if your family know the content of your Will, they are less likely to have objections to it or have arguments when you pass away. If you are not including someone under your Will and no-one knows the reasons why this could lead to costly litigation and potentially your wishes not been followed. You should try to mitigate this by discussing it with those closest to you and making your intentions clear. While this could be an awkward situation for yourself, we recommend being open and honest to ensure your wishes are followed.
If you have applied Tax planning during your life time, discussing this with your close ones, will ensure that this has the maximum benefit and does not go to waste. It can also allow any potential beneficiaries to tax plan so that if they are likely to benefit under your Estate, they aren’t left with a large tax bill themselves.
Finally, if you have had an established relationship with your solicitor or financial advisor during your lifetime let people know. If you let your close ones know who you have dealt with and what you have arranged, they will be able to go to them with confidence and ease making the whole process smoother.
For more information on Wills and Estate planning or to book an appointment call the office most suitable to you.