No matter your age or financial position, having a valid, up-to-date Will is one of the most important steps in protecting your assets and the people you care about. By discussing your financial position with a range of professional advisers, including both wealth managers and solicitors, you can plan for the future, whether that be investing, growing your business or supporting your children. Not only that but you can also plan for the time you are no longer here.
One aspect of planning that is often overlooked is the most basic part of any financial strategy: what happens to it all once you’re gone. A carefully considered Will ensures your intentions are respected, avoids family disputes, and reduces potential tax burdens. But it must be prepared as part of a wider financial and legal plan.
Why making a Will matters
Without a Will, your estate will be distributed according to intestacy rules. In many cases, these will not reflect your wishes. If you are unmarried, your partner will not receive anything under the intestacy rules. If you are married and have children, your estate may end up being split between your spouse and your children leading to unintended financial divide and tax consequences. Importantly, the rules of intestacy follow the bloodline and do not take into account stepchildren.
With many people having complex financial and business structures, as well as blended families and complex family structures, ensuring your Will is up to date will allow for business continuity and an understanding and review of how inheritance tax (IHT) may impact your estate.
A Will provides clarity and allows you to:
- Specify Executors and Trustees who will deal with your estate
- Name guardians for minor children
- Protect unmarried partners
- Leave specific gifts or donations
- Safeguard family businesses
- Reduce IHT, where possible
Life changes and your Will should too
Major milestones can invalidate or complicate existing Wills. Life’s big moments, whether getting married, entering a civil partnership, having children, receiving an inheritance or purchasing property, change your financial and legal situation and may require you to update your Will. A nuance that many people are unaware of is that marriage currently automatically revokes a Will, unless it is explicitly written in contemplation of the marriage.
That’s why we recommend reviewing your Will regularly. This should be done ideally every few years or whenever your circumstances change significantly.
Your wealth, your legacy
Writing a Will is a legal process, but it’s also a financial one. A robust estate plan will work in tandem with your overall financial strategy – for the best results, it is crucial that you undertake this process in collaboration with wealth managers and solicitors.
From ensuring assets are held efficiently to mitigating inheritance tax and setting up trusts, wealth managers and solicitors can help you prepare your estate in a way that protects wealth across generations. This includes ensuring liquidity for tax liabilities, aligning pensions and investments with your wishes, and making charitable giving part of your legacy if desired.
Planning for peace of mind
“Estate planning isn’t just for the wealthy,” says Steven Vallery of S4 Financial. “It’s about giving your loved ones clear direction and protecting your financial intentions. A Will is the foundation of that process.”
Your Will should reflect your personal values and financial priorities. It allows you to plan for the future and detail your wishes for when you are no longer here. To achieve this takes more than a template: it requires thoughtful advice and planning.
“At Phillips Law we will walk you through the process of preparing your Will and provide you with timely advice based on your individual circumstances” says Sian Lias of Phillips Law. “By working with both solicitors and wealth managers when drafting your Will and preparing your estate plan you will benefit from an holistic approach, bringing together advisers who are specialists in their area.”
Here to help
If you haven’t made a Will – or your existing one needs reviewing – it’s time to speak to a solicitor and a wealth manager. With professional support, you can minimise stress for your family, protect your wealth and secure your legacy. Get in touch today!
[Written in joint collaboration with Phillips Law. See their website and LinkedIn to find out more about them.]
The information provided in this article is for general guidance only and does not constitute financial, legal, or tax advice. You should seek advice tailored to your individual circumstances before making any decisions.
S4 Financial Ltd is authorised and regulated by the Financial Conduct Authority (FCA). Will writing, estate planning, and legal services such as Powers of Attorney and trust creation are not regulated by the FCA.
Tax treatment depends on individual circumstances and may be subject to change in future. The value of investments can go down as well as up, and you may not get back the amount you invested. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain.
References to third-party firms are for information only and do not constitute an endorsement or recommendation.