Wills and Estates Planning

Learn about why having a will is important

It’s astonishing to think that 42% of UK adults over 55 don’t have a will in place, leaving their families at risk of financial headaches and hardship according to a survey by Macmillan Cancer Support in January 2018. The study also found that 1.5 million people hadn’t updated their will since tying the knot, therefore making their wills void. Even more shocking is that almost 1 in 10 wills have not been updated to include children or grandchildren.

At Protect Line, we offer a wills and estate planning service fulfilled by City Solicitors. When your life insurance has been arranged, we offer a free trust service and also offer our customers the option of creating a will to provide complete financial peace of mind.

Why do I need a will?

If you passed away tomorrow, what would happen with your affairs, finances and assets? This question can be answered differently by everyone, depending on their personal situation. Essentially, if you have assets like savings, a home, a business, collectible items, etc, you should definitely consider having a will in place.

Many people don’t want to think about or even consider the fact that they’re going to die one day. It’s not surprising that most people would ignore this until it’s too late to act. But having something in place today could save your loved ones grief in the future.

What does a will do?

A will is a legally-binding document that basically tells the executor of the will (someone you trust to fulfil the instructions of the will) how to process your estate (your assets like properties, savings, investments, cars, etc) to your beneficiaries (the people who will receive your assets – family, friends, etc).

If you have any children under 18 years of age, a will is used to say who should look after them if you were to pass away and also whether they would receive any of your estate. If you’re an unmarried couple, it’s really important to have a will in place, too. UK law doesn’t recognise unmarried couples, even if they live together, so if you’re wanting your partner to receive part of your estate make sure you get your will done.

Other important things a will can do is to decide what happens to property you own, what happens to your business if you’re a sole director, what should happen to the family pets and if you want specific funeral plans to be carried out. Having a will in place also reduces factors like inheritance tax – so if you’re looking to provide money or assets to your loved ones without them incurring large tax bills, a will is very important.

Will writing, taxation planning and trust planning are not regulated by the Financial Conduct Authority.