The importance of having a will

Category: News

The coronavirus pandemic has made clear the speed with which the unexpected can strike, upending normal life.

While, by its nature, the unexpected might be difficult to predict, we can prepare for it – and at the start of the initial UK lockdown, many of us did. Requests for will writing services skyrocketed, especially during April 2020, with Which? reporting a 682% increase in orders.

Recent figures, however, show that our concern quickly faded. The Law Society reports that 59% of us still don’t have a will in place.

At Globe IFA we understand the importance of having an up-to-date will. Read how we can help you put one in place through our partnership with Penrose Wills, and we why think it’s vital that you do.

Globe IFA and Penrose Wills can make the process simple and hassle-free

Last summer we told you about the importance of writing a will and spoke about our partnership with will writing firm Penrose Wills.

Managing Director, Jamie Howell remains on hand to help all Globe clients that would like help putting a will in place.

The process is hassle-free. Covid-secure home visits can be arranged, as can telephone or video appointments, whether in the daytime, evening or at weekends.

You’ll have peace of mind that your will is being dealt with by a qualified legal professional and that your wishes will be understood.

Why you need a will… and why your loved ones need you to have one

Reasons why you need a will

  1. Your wishes will be heard

Speaking to Penrose Wills allows you to say exactly where you would like your assets to go. Having spent a lifetime building up your estate, it is only right that your wishes are adhered to. But it will only happen with a will in place.

You can divide your investment portfolio or bequeath specific items to the people you know will get the most joy from them. You might opt to leave a charitable legacy, allowing a cause you care about to benefit after you are gone.

  1. Peace of mind

It isn’t nice to contemplate your own mortality and yet confronting it can give you peace of mind.

With an up-to-date will in place that aligns with your wishes, you can relax, enjoying the present while knowing that your loved ones will be looked after.

Reasons why your loved ones need you to have a will

  1. The rules of intestacy

Dying without a will in place means that your estate will be distributed according to the laws of intestacy.

These rules set out a clear order of who inherits your estate, from your spouse or civil partner to your children, down to distant relatives. There is no guarantee that the beneficiary will be the person you would have chosen.

More importantly, intestacy rules won’t allow an unmarried partner to inherit – even if you are cohabiting – and stepchildren also won’t be in line to benefit.

If you live with an unmarried partner, have stepchildren, or any other adults who are financially dependent on you, they only stand to inherit anything after your death if you name them in your will.

  1. Reducing stress

Probate specialists Exizent released their Bereavement Index 2021 last month. They found that 40% of the recently bereaved felt that their mental health had been affected by dealing with the administrative side of a loved one’s death.

Putting a will in place can severely reduce the additional worry and stress your loved ones face, at what will already be a traumatic time.

Get in touch

At Globe IFA we want to help you put long-term plans in place that help you achieve your life goals.

This plan could include everything from investments and retirement contributions, to managing pension withdrawals and helping to ensure you pass on your wealth in the most tax-efficient way possible.

The plan we put in place for you will likely include protection policies too. Protecting against a loss of income and ensuring your loved ones will be able to pay the mortgage or continue in education after you die is a crucial part of any plan.

Your will can help here too. If you haven’t put one in place, speak to us, or contact Penrose Wills directly. Once you have, remember too that life events can change your priorities. Review your document regularly to ensure it still aligns with your wishes.

Please email or call us on 020 8891 0711 to discuss putting a will in place or any other aspect of your long-term financial plan.

Please note

The Financial Conduct Authority does not regulate estate planning, tax planning or will writing.