Calling all You 30 to 40 Year Old –

Most people will have the impression that drafting a will is reserved for the elderly, however the reality is the impact of not Writing a Will can be felt at an earlier stage in life when the legal system fails to recognise the importance of a person to you, such as someone who cohabits with you.

The media is awash with the down turn in the economy and no doubt the Credit Crunch has impacted on you in some form or another. Adjustments may have been made on our spending habits such as taking much longer to assess the bargains in the shops or trawling the net for the best credit card deals.

In truth many of us are looking at the fractions such as 0.1% AER in savings for the here and now but without a Will wrapped around these extra benefits you could be unwittingly accumulating money to pass onto the Tax Man in the event of your death.

Take it from me it never occurred to me how vital Wills were in tax planning until I saw the lack of provision destroy a family close to me.

We have all seen the cheesy adverts with the old couple being happy and reassured but things have moved on. We are now aware of every single piece of glib news with instant updates filtering to us via dedicated TV channels, social networking sites, texts and the web. Inevitably these centre on the ‘Stars’ that may for instance have fallen off the rails, died young or contracted a terminal disease. Even putting aside fatal accidents and illnesses we cannot escape the plight that we will all die someday. Sorry to be so blunt but everyone thinks it’s never going to be them let alone someone in their family.

As you are reading this you are probably thinking ‘true’, but I do not think I’m alone in not having a Will, and sadly you’d be right with a staggering 67% of people who are eligible not having the provision in place, however on this occasion it is wise to be in the minority.

Now we got that out of the way, please let me advise you about a trend which is taking the nation by storm. Due to the economic climate more and more people have now been forced to plan for the future, and in doing so have taken note of their assets. The demand for life insurance and mortgage payment protection insurance is steadily rising which is understandable as we all feel more vulnerable. But it in other areas where priorities are things seem to be distorted. For example, insuring a boiler or taking out a 2 year guarantee on a TV are often pushed higher up the list in place of a Will which should deserve much higher prestige as it can determine the distribution of assets to save thousands of pounds in inheritance tax.

Why would you choose to ignore something which has such a big impact in friends and families future? The good news is Niche Wills are seeing more and more clients between the ages of 30 to 40 finally realising the need for immediate action which is very encouraging. At Niche Wills we have a tailor made Will writing service for this important age bracket as we believe this is the critical point in someone’s life for Will provision.

This is the perfect time to implement your long term protection strategy and we are able to give full guidance on all aspects of mitigating the financial traumas for your beloved should the worst happen.

Anyway, enough of the sermon! If you are still unsure whether a Will is for you or not below are some poignant points to recap why Writing a Will is in your best interests:

Anyone who fails to make a will cannot control who will inherit their property after death. In these circumstances, the assets will be distributed according to law, the law of intestacy, which is extremely likely to be against the person’s personal wishes. In extreme cases, the entire estate may fall to ‘the Crown’ (Government) instead of the people the client actually wishes to benefit.

By Draft a will the client determines precisely who inherits the property. Importantly, the client can decide who will handle their affairs after death and who will act as guardian for any dependant children who may be left without a surviving parent.

A Will can also be used to express a person’s preferences for burial or cremation and for donating organs or their entire body for medical purposes. Additionally, Making a Will provides an opportunity to reduce inheritance Tax (IHT) liability which is vital where there are meaningful assets.

Still undecided? Read on:

1 – The Government could inherit leaving your family to struggle. 

2 – Your children’s step parent could benefit more from your death than them.

3 – Without a designated beneficiary your prize jewellery and medals could be unwanted and given away or sold.

4 – You may wish to preserve a life by donating a vital organ

5 – You cause a family dispute as they second guess your wishes

6 - Your loved one’s bank account may be frozen until Probate is granted

7 - You want to protect the family home and keep it away from nursing home fees

8 – It makes sense to spent a relative low amount of money now rather than have your loved ones paying substantial legal bills at the emotional time of your death

9 - By Writing a Will in trust your disabled sibling’s inheritance will still be entitled to their benefits

10 - Putting off Writing a Will is unwise as illness can affect everyone including the young

As you can see writing a simple will helps to protect you in the long terms and every effort should be made to plan for you future now rather then later.

Niche Will writing service has been formed to ensure perceptive 30 – 40s  can write a will knowing that its being administered by a fully qualified wills expert.