Does your Will still work for you?
We meet a lot of interesting people in our business but we also hear a lot of sad stories, whether it’s the loss of an inheritance, family feuds caused by a squabble over assets, or wealth lost as a result of a divorce or remarriage. It’s sadder still when you realise that something could have been done to prevent those problems if only a little thought had been applied.
I recently met a client whose father had set great pride in his estate planning, reassuring his daughter that everything was in place. Then he married his new partner and promptly passed away. Unfortunately, the marriage revoked his will and his planning was useless. The father’s assets went to the new bride under the laws of intestacy and the daughter got nothing.
In another example, a son had inherited from his parents and then died, leaving the family money in the hands of his wife. She had remarried and after a few years passed away herself. Now the family wealth was in the hands of a stranger and the grandchildren were worried that they might see nothing of their family wealth.
The lesson here is to review your estate planning on a regular basis: every five years or whenever a family event happens (a birth, death, marriage, etc). Does the will still do what you would wish it to do? Should trusts be set up to keep the assets in the family line? Yes, it may cost a little to set up but it’s worth it in the long run. Think about the thousands that could be lost by doing nothing.
MVL Wills and Trusts Ltd of Battle can put in place an estate protection plan to suit your needs. Contact Andrew Mathias for a free consultation on 01424 577070 or [email protected].