Making a Will has always been very important part of any financial planning solution for many reasons as we highlight in our website, including:
- Making provision for the care of children- through a guardian clause
- Gifting jewellery or other possessions to specific individuals
- Arranging donations to Charities
- Making provision for the care of pets
- Setting out funeral arrangements for example
As well as the obvious in terms of ensuring your estate passes to your beneficiaries in the way you want.
But one aspect that is often overlooked is the need to change your Will if you are going to re-marry. This is vital if you want to continue to support your beneficiaries. In a recent Money Marketing article (December 21) Jon Young, chartered financial planner at WealthFlow put it very well.
Think of it like this he said:
“Jack is divorced and father to Bill. Jill is widowed and mother to Ben.
Jack and Jill went up the hill and got married to each other. Jack then died without a will.
Jill got all of Jack’s assets under the laws of intestacy. Jill then dies.
All of Jack and Jill’s estate passes to Ben. Bill is not entitled to anything.”
That seemed like a very succinct way to put it. I assume that in most circumstances Jack would want Bill to continue to receive an inheritance. But without an amendment to the Will that wouldn’t be the case. It’s worth checking your arrangements to make sure they are up to date.
Remember that we offer a Will Service as well.