5 threats to your Estate

Despite the recession house prices are still through the roof, what with the mortgage companies requiring huge deposits as well, you have to feel sorry for the youngsters today.

When we bought our House it was straight forward, there were plenty of mortgages about, and you only needed a small deposit, as long as you had a good job it was quite easy to buy your own house, but the kids today they have it tough.

In the back of your mind do you hope that when you’re gone you can finally give them that helping hand, by then your house should be completely paid for.

When you die and they sell your house, maybe they can finally clear all those college fees, and still have enough left over for a deposit for their own home, or maybe even start their own business, but without a will your money may not end up where you hoped it would.

With no Will you lose control of what happens to your money, the state and the Law take over, and your intended beneficiaries might just end up with literally nothing.

If you have young children it gets worse, if you both die, say in a car crash and you don’t have a Will, then you’ll have no appointed legal guardians. Your children will be placed in the care of the local authorities, do you really want that for them, just after the trauma of losing you, wouldn’t it be better if they were supported by friends and family? You could bequeath their Guardian some money to help with their increased bills.

Congratulations if you already have a Will but wait, before you feel too smug, your money could still be at risk and end up somewhere that you hadn’t intended.

Most Wills are drawn up with your partner as your sole beneficiary, then your children – good! But what happens if you die leaving all your money to your partner, and they then remarry?

Now your money could be bequeathed to their new spouse and their children too, reducing the amount your children receive, worse still if you’re surviving partner them dies, their new partner could end up getting all your money, and could then write your children out of the Will totally. Not exactly what you had in mind.

If all goes well and your children do actually inherit everything things can still go wrong. Suppose your child marries and then later divorces, their ex-partner could be entitled to half your money. Are you happy with that, or they could have financial difficulties and your bequest could be lost to their creditors, or in a bankruptcy law suit?

Even before you die, if you don’t plan carefully you could lose your home paying for care costs in your senior years. The result, less cash to pass on to your children. Don’t let the state take and waste your money.

The next time you’re in a crowded room, look around you, 2 out of every 3 people there will have no Will whatsoever. Be the smart one that does, it’s no good hoping that your wishes will be carried out, take control write a Will. You can control your money after you die, but only if you take action now.



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