Over half (60%) of the people in the UK don’t have a Will (1), which is often the cause of serious financial complications for their family and loved ones if they die.
Dying without a Will is called ‘intestacy’ or ‘dying intestate’. If you’re not married or in a civil partnership, your partner is not legally entitled to anything. If you’re married, your spouse may get everything and your children may get nothing (except in Scotland) - even if you’re separated. Joint assets will pass to the joint owner, not to your family.
Wills make it so much easier for your family or friends to sort everything out when you die. A Will can also help reduce the amount of Inheritance Tax payable on the value of the property and money you leave behind, which is especially important if you have children or other family who depend on you financially, or if you want to leave something to people outside your immediate family.
But sometimes facing up to having a Will can be tough, whether it’s the fear of important legal paperwork, or simply not wanting to consider the end of our life.
The Money Charity’s new Wills Workshop is here to help though, it’s designed to help people recognise the importance of making a Will and, conversely, the consequences of not having one. It is an excellent starting point for employees to begin discussing personal finance issues and starting their financial wellbeing journey.
Topics covered in the workshop include: recognising the importance of Wills and the tax implications of making a Will, assessing the need for using a solicitor, explaining how to access credible, up-to-date, impartial advice and guidance, future planning (Living Wills, Power of Attorney, funeral plans), knowing where to find financial advice, how much you might pay and the questions you need to ask.
If you’d like to make a booking for this workshop, find out more, or have any questions, please don’t hesitate to get in touch with us on hello@themoneycharity.org.uk or 0207 062 8933.
- Unbiased.co.uk (2018)
