Arranging a will and putting the correct planning in place for when we die is something many people don’t want to even think about. Talking to our own parents about the planning they’ve put in place is particularly taboo. And yet it’s such an important subject to raise with them. After all, if they’ve not put the appropriate measures in place it could lead to all sorts of problems for you after they’ve gone.
MVL Wills and Trusts Ltd of Battle can help you have that difficult conversation and put in place a bespoke Trust-based estate protection plan for yourself and for your parents. Call or email for more information on 01424 577070 and info@mvlwillsandtrusts.co.uk.
Dealing with intestacy is a chore best avoided and wouldn’t it be better for all if your parents clearly stated their own wishes in a will? They might even be missing out on valuable inheritance tax exemptions and reliefs without the correct estate planning, leading to the taxman – and the solicitors involved in sorting out the mess – being major beneficiaries of the estate.
Your parent may even be causing a problem for their own partner. If they’re not married and die intestate their partner might receive nothing. Would your parent really want that? A married spouse could lose out, too, as under the intestacy laws only the first £250,000 of the estate will pass to them. The rest is split with the children… and possibly liable to tax.
It’s best to face up to the task and ask the question; even if it’s only to make sure they’ve done something. And if it’s only a will, perhaps you could suggest asset protection in the form of a trust. After all, if their wealth is passed to you directly it only adds to your own estate where it’s at threat from any problems you encounter in your own life – divorce, bankruptcy, care costs, your own inheritance tax. The security of receiving your inheritance in trust provides the best protection for it.
So maybe it’s time to face up to that ‘difficult conversation’. You may find it’s not so difficult after all.