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When to write a will?

12th April 2017

Leaving a legacy in your last will and testament is a great way to be remembered by those you care about the most. Whatever life throws at you it’s wise to plan for any possibility, and we at IMC are very enthusiastic about planning, even for the unexpected.

Writing a will is the best way for you to look after your assets and see that your family, friends and loved ones are well looked after financially.

“When should I write a will?” is often a question you ask yourself when certain life events take place or are on the horizon, leading you to think more of “what-ifs?” and your own mortality.

 

1) Marriage

When you enter a life partnership it’s natural that your focus will spread towards your significant other. “How will they cope if I die?”, “Who would look after them?” and other questions come into your mind.

If the worst was to happen resulting in your partner being left alone, a will would have a clear set of instructions on how your estate, possessions and finances are to be handled, who would receive them and how much. You know this period would be a painful enough time, so why not take away any extra distress that’s possible now.


2) Buying a house

Buying a home is a big change in anyone’s life. Buying a house can have a significant change in the value of your estate. Whether an increase or decrease, this new change needs to be reflected in your will.

Along with a potential of increased value in your property, there may be tax planning opportunities available to you.


3) Children

Having children naturally leads to you thinking about all aspects of their care and needs for the future.

When you have your first child, it’s essential to have a last will and testament so they are taken care of as you’d wish should you pass away.

The laws on intestacy (dying without having left a will) will make sure your children are entitled to a fraction of your estate, but the distribution of your assets may not be as you’d wish.

As well as allocating finances, a will allows you to state whom you would like to act as guardian of your children should you die before they reach adulthood.

When any of your children legally become an adult (18 years of age) you should revise your will to reflect this so that your child is treated appropriately.


4) Divorce

A more unforeseen possibility in life after marriage is divorce. This emotional life event could change your previous wishes and thus affect your will.

Perhaps you now don’t want your former spouse to get the summer home in France? Whatever the changes of marital circumstance, keeping your will updated with your life as it unfolds and shifts is the best way to give you and those close to you peace of mind.

 

5) Remarriage

Following on from marriage and divorce, remarriage is also a life event that can and should affect your will.

You will want to make sure that your new family is cared for along with any children or spouses from your previous marriages.

 

6) Health scares and losing someone 

Naturally if you’ve had a recent health scare such as a heart attack or a bad physical report from Occupational Health at work, you’re likely to think about your life and death.

This leads to you thinking about those you could leave behind, your finances and possessions should you pass away.

Similarly, if you have a recent death in the family or perhaps lose a friend then you’re more likely to contemplate your own mortality.

Sitting down and actively thinking and planning your will gives you some comfort in the knowledge that even in the face of adversity, you have the matter in hand.

 

You can never be too young to write a will. So when asked “when is it time to write a will?”, the answer is “now”.

The sooner you have your wishes planned, clarified and written down, the better. The comfort you’ll get from knowing that should the worse happen your family and assets will be well taken cared for as you’d wish is priceless.

IMC’s team of skilled financial advisors are well versed in will and estate planning, and will support you sensitively through the process of creating your will.

An advisor will also highlight any oversights there may be, ensuring you and your loved ones can rest assured, safe in the knowledge that should the worst happen, the best financial outcome will be one less thing to worry about.

To discuss plans for your last will and testament Contact IMC for furthering information and advice: http://www.imcfs.co.uk/contact-us

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