{"id":2096,"date":"2021-03-12T16:13:06","date_gmt":"2021-03-12T16:13:06","guid":{"rendered":"https:\/\/family-matters.co.uk\/?p=2096"},"modified":"2021-03-12T16:13:06","modified_gmt":"2021-03-12T16:13:06","slug":"when-should-you-write-a-will","status":"publish","type":"post","link":"https:\/\/family-matters.co.uk\/tips-facts\/when-should-you-write-a-will\/","title":{"rendered":"When Should You Write A Will?"},"content":{"rendered":"<h2>Financial Peace Of Mind Through A Pandemic<\/h2>\n<p>The COVID-19 pandemic has affected many families and households across the UK in so many different ways. Some have sadly lost loved ones and others may have lost their livelihoods as a result of the financial impact of the pandemic.<\/p>\n<p>Whilst the 3rd UK national lockdown in England is about to ease, the general public can unfortunately expect Coronavirus to remain part of our everyday lives for a long time to come.<\/p>\n<p>On a positive note, the UK vaccine programme is in full swing, helping to combat the spread of Covid-19 and defeat the virus, though it is clear uncertain times will be our \u2018new normal\u2019 for some time. This is further emphasised by the upcoming end to the Job Retention Scheme (Furlough), due to come to an end in April 2021.<\/p>\n<p>It is\u00a0more important now than it has ever been to ensure your financial affairs are in order, offering both you and your family piece of mind. Here are a few of our suggestions:<\/p>\n<h3>Write a Will<\/h3>\n<p>The current death rate from COVID-19 in the UK sadly passed the 100,000 mark a while back and worryingly, this number is expected to continue to rise throughout 2021.<\/p>\n<p>To <a href=\"https:\/\/family-matters.co.uk\/services\/will-writing\/\">write a will<\/a> is an important step in ensuring your family is protected in the event of your death.<\/p>\n<p>Not having a Will having an invalid Will, can cause extreme difficulties for your loved ones after you pass away.<\/p>\n<h3>When Should You Write A Will?<\/h3>\n<p>The only answer to this is as soon as you can:<\/p>\n<p>Dying Without A Will (Dying Intestate) can have serious implications for the family you leave behind:<\/p>\n<ul>\n<li>Dying without a Will (dying intestate), means your money, property, and possessions are shared according to the letter of the Law instead of your wishes.<\/li>\n<li>This could create an unnecessary tax bill for your beneficiaries: they won&#8217;t be avoiding that unnecessary inheritance tax bill<\/li>\n<li>Unmarried partners often get nothing.<\/li>\n<li>Your estate may go to people you would not choose, ex-spouse for example.<\/li>\n<li>Your chosen beneficiaries will not inherit all your assets.<\/li>\n<li>Children would become wards of the court as there would be no guardian in place. More often than not, children are put into the Social System, until the court can find a suitable guardian.<\/li>\n<li>Ultimately your estate may go to the Government!<\/li>\n<\/ul>\n<p>We pride ourselves in a simple, cost effective and robust <a href=\"https:\/\/family-matters.co.uk\/services\/will-writing\/\">will writing service<\/a>.\u00a0 We can give you peace of mind that your affairs will be taken care of and your loved ones will be considered in decision making processes.<\/p>\n<p><a href=\"https:\/\/family-matters.co.uk\/contacts\/\">Contact us today<\/a> to discuss writing a Will.;<\/p>\n<h3>Estate Planning<\/h3>\n<p>When it comes to organising the future financial distribution of your assets, it\u2019s important to ensure that your assets, money and property are protected <strong>now<\/strong> in order to be allocated in the future for your family.<\/p>\n<p>An Estate Plan minimises the prospect of other people (and institutions) removing money from your estate prior to, and after, your death. We will ensure that you will receive an Estate Plan that is robust and effective including minimising or even avoiding any Inheritance Tax liabilities.<\/p>\n<p>Inheritance Tax is the tax you pay in the UK on the estate (the property, money and possessions) of someone who has died. Avoiding Inheritance Tax is complicated but in the most simplest of terms there is usually none to pay if,<\/p>\n<ul>\n<li>The estate is below the IHT threshold of \u00a3325,000<\/li>\n<li>You leave everything above \u00a3325,00 to your spouse, civil partner, charity or community sports club<\/li>\n<li>IHT rate above the threshold is 40%<\/li>\n<\/ul>\n<p>However, there ways to reduce or avoid your liabilities with careful Inheritance Tax planning.<\/p>\n<ul>\n<li>When you die any assets left to your spouse are exempt.<\/li>\n<li>Their IHT also rises by the amount of your allowance not used.<\/li>\n<li>This means a couple can actually leave \u00a3650,000 Inheritance Tax free.<\/li>\n<li>In addition there is the RNRB residence nil-rate band that allows you to leave your main home to a direct descendent, which is \u00a3175,000 or \u00a3300,000 for couples.<\/li>\n<li>Taking this into consideration means parents can pass on an estate to their children Inheritance Tax free up to \u00a31million.<\/li>\n<\/ul>\n<p>Careful <a href=\"https:\/\/family-matters.co.uk\/services\/estate-planning\/\">estate planning<\/a> can help with avoiding Inheritance Tax. <a href=\"https:\/\/family-matters.co.uk\/contacts\/\">Contact us today<\/a> for help and advice.<\/p>\n<h3>Life Insurance<\/h3>\n<p><a href=\"https:\/\/family-matters.co.uk\/services\/life-insurance\/\">Life insurance<\/a> helps give your family financial protection should you pass away within the policy term. It allows you to leave a lump sum behind, helping your loved ones maintain their standard of living or pay mortgage costs and it\u2019s up to you how much cover you want.<\/p>\n<p>Here at my Family Matters, we have a wide range of <a href=\"https:\/\/family-matters.co.uk\/services\/life-insurance\/\">specialist Protection Plans<\/a> and services that will help you and your loved ones. We can help find the right policy for your circumstances however simple or complex it may appear.<\/p>\n<p>We will consult with you about what you want or need and then using our large network we will compare plans and protection services from both the high street and products only available to our team of professionals here at Family Matters, we will find the most appropriate policy plan for your circumstances.<\/p>\n<p><a href=\"https:\/\/family-matters.co.uk\/contacts\/\">Contact us today<\/a>, to see how we can help you<\/p>\n<h3>Making a Lasting Power of Attorney<\/h3>\n<p>Coronavirus affects everyone in different ways and some people who have contracted the virus have found themselves hospitalised and incapacitated. Pandemic aside, if you were to have a stroke or develop dementia at any point in your life, your family would have no power to manage your affairs while you are alive.<\/p>\n<p>This is why it is important to plan ahead and have a properly drafted and effective<a href=\"https:\/\/family-matters.co.uk\/services\/lasting-power-of-attorney\/\"> Lasting Power of Attorney (LPA)<\/a> UK in place, in case the worst happens.<\/p>\n<ul>\n<li><strong>Property And Financial Affairs Lasting Powers Of Attorney<\/strong> &#8211; In the UK an LPA allows your loved ones to deal with your financial decisions, like paying your bills, buying and selling your property and managing bank accounts and investments. A Property and Financial Affairs LPA can grant powers to the attorney as soon as it is registered or be deferred until such time that mental capacity is lost.<\/li>\n<li><strong>Health And Welfare Lasting Powers Of Attorney<\/strong>\u00a0 &#8211; In the UK\u00a0 this covers decisions around your health and care, even deciding on where you live and what medications you take. This can only be used if someone is capable of dealing with such matters themselves<\/li>\n<li>Before it can be used, an LPA must be registered with the Office of the Public Guardian.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/family-matters.co.uk\/contacts\/\">Contact us today<\/a> to discuss Lasting Powers of Attorney (UK)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Financial Peace Of Mind Through A Pandemic The COVID-19 pandemic has affected many families and households across the UK in so many different ways. Some have sadly lost loved ones and others may have lost their livelihoods as a result of the financial impact of the pandemic. Whilst the 3rd UK national lockdown in England is about to ease, the&hellip;<\/p>\n","protected":false},"author":1,"featured_media":2100,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[66,16],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Financial Peace Of Mind Through A Pandemic | Family Matters<\/title>\n<meta name=\"description\" content=\"Here are our suggestions on how to keep your financial affairs in order through the covid-19 pandemic. 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