Millions of homeowners do not have a Will

by Aaron Strutt

Oct 10 2013

There are millions of homeowners in the UK without a valid Will and they are potentially risking the financial stability of their family in the event of a death.

It is important that you have a Will as it is the only way to ensure that your family and property is protected if you die. A recent survey highlighted that as many as 30 million Britons and more than a third of over 55's do not have a Will.

Without a Will, there are certain rules which dictate how your money, property and possessions will be allocated. Unmarried partners cannot inherit from each other unless this is specified in a will and parents with young children may not ensure their children are looked after by their requested carers if either one or both parents die.

Aaron Strutt, a broker at Trinity Financial, says: "Many people expect to leave over £10,000 in savings when they pass away and often they don't allocate this money to beneficiaries. We work with a company that specialises in arranging wills and trusts, and we want more of our clients to ensure they have an up to date Will.

"Speaking to a will and tax planning expert is a great way to potentially reduce inheritance tax liability, and a full and valid will offers peace of mind. It also prompts homeowners to check their life insurance and income protection policies are sufficient.

"One solicitor recently told us that a valid will is so important that it should even be correct when buying or selling a property. They said that transactions could be significantly delayed in the event of a death of someone key to the chain."

If you would like help to create or update your Will, call us on 020 7016 0790.

October 22, 2013