5 Things That Could Make Your Will Invalid in the UK
It’s important to know what makes a valid will. In the event of an invalid will, your beneficiaries can be financially hurt, and your final wishes may not be carried out. Here are things that could affect the validity of your will in the UK. 1) It’s Not Written Down Your will must be in writing. A handwritten will is the most common way to get the job done (it’s also cheaper to do it this way). However, it’s also possible to make a will by sending a letter to a solicitor, or by dictating a will to someone else …
Understanding Wills: Can Someone under 18 Be a Beneficiary
When you start estate planning, you have to research several things. For instance, you should think about your beneficiaries. If you assign a minor to be one of your beneficiaries, you have to be familiar with certain specifications. For estate planning in the UK, here are some essential things you should note. Can You Name Someone under 18 as Your Trustee? According to UK laws, you can include a minor as a beneficiary. However, if you appoint a minor to be a trustee, you should note that they cannot act independently. They may need a legal representative or guardian to …
How to Reduce the Cost of Inheritance Tax
Without the guidance of a lawyer or financial adviser, inheritance tax can cost your family up to thousands of pounds. Unfortunately, because many people think it’s too complicated, they just choose to pay the set amount without doing anything about it. By working with an expert, you can avoid paying that hefty price in tax. To give you some idea of how you can do this, here are some tips for you: Planning Ahead Inheritance Tax can be nasty for your family if you don’t plan ahead. To avoid this, you need to have a good grasp of your finances. …
The Different Effects Marriage Can Have on Your Will
Marriage is a huge step into a new chapter in anyone’s life. However, it also has implications for your afterlife. If you believe you see a wedding on the horizon or you just had one, we highly recommend reviewing your will. If you do not currently have one, we suggest you make one, especially now that you’ll have a new dependent. Regarding Your Existing Will If you already have a will, marriage or civil partnership will revoke it. However, it will hold if it was drafted anytime before your wedding with the same partner already considered. Let’s say you did …
What Happens When People Pass Away without Leaving a Will?
A will is a straightforward, low-cost legal document that expresses a person’s final desires. The county court uses it to ensure that such desires are carried out. A will also appoints certain people to act as an executor for healthcare or legal needs. These documents will also determine how you will pay your debts and taxes for your assets upon your passing. Although a will does not cover every eventuality, it is preferable to having nothing in place. A will also saves your family the time and money of lengthy probates. Additionally, you could leave your beneficiaries with other stressful …
Financial Advisor Red Flags You Need to Keep an Eye For
As their title suggests, financial advisors assist clients with their financial dealings. Many people believe that financial dealings only mean investments when that isn’t quite the case. Financial advisors also help individuals with insurance policies, tax planning, wealth management, retirement planning, and estate planning. They dedicate themselves to crafting financial plans for their clients, which are centred around specific financial goals. It’s worth noting, though, that not all financial advisors are equal. Some are less reliable, which is why you, as a client, should take time to learn the red flags you must keep an eye out for. Four Red …
Important Things You Should Know about Asset Allocation
Asset allocation refers to the distribution of your retirement account amongst your cash, stocks, and bonds. This is a strategy that you can use to take advantage of your taxable gains throughout the year while minimizing the negative tax effects. Ideally, the process is easy to follow and simple to apply. You can start out with what is known as your “core” and then split off into other investments. Be sure to consider all your options, as they can differ depending on what you’re looking to accomplish. When trying to calculate asset allocation, you have to realize that the specific …
Should You Use A Solicitor To Help Write Your Will?
As we age, our thoughts start to dwell on how we can leave this earth as peacefully, and collected, as we can. With that in mind, we often write our wills ahead of time, when time isn’t against us or when we have time to sit down and think. For others, writing a will is not as easy a task as that. Be it due to time, ability, or other— the fact remains that not everyone can write a proper will at a snap. The problem begins when legal jargon and technicalities can get in the way of us wanting …
3 Tips to Help You Save Effectively for Your Retirement
Retirement, to many, is a chance to finally phase from the trouble-filled life to a more relaxing one, where years of working has resulted in more free time to do things we like with the individuals we love. That being said, this is just a dream for many, and whether it will be their reality will depend on how much they are able to save for retirement. So, how do you ensure that you enjoy a financially secure retirement? Well, there are many ways of doing this, and here are some of them: 1. Lower Your Expenses Though this may …
Three Common Retirement Mistakes You May Be Making
People who save money for retirement do so in hopes that their post-working years will be enjoyable and relaxing, as they have worked hard throughout their careers. And while this is achievable by making the necessary preparations and planning accordingly, your retirement can be derailed by mistakes that you can easily fall prey to. Remember, these pitfalls can befall people as they near or enter retirement so it would be best to be as knowledgeable as possible so that you can avoid making costly mistakes. To help you out with this, we thought it would be useful to put together …