10 Times when you should consider planning your legacy – Part 1
Buying a new house: typically most solicitors or financial advisors will recommend either creating or updating a will wh,en you purchase a house as it represents a very, if not most significant, asset a person or couple will ever have.
When you have children/grandchildren: the birth of children or grandchildren is a very significant moment in most couple’s lives. Having brought them into the world, you want to plan and protect their future. Given any number of unfortunate events can occur during one’s life at any time, it is critical to have a provision or plan in place. This typically takes the form of a will, but you may also want to nominate an executor also as well as make some provisions for who will take over the care for any minors should the worst happen.
You are not married to your partner: if you are co-habiting with someone but have made no will, they will have little or no right on your estate.
You are doing financial planning: when you start looking at your financial targets, often for the purposes of securing a comfortable pension or other financial target, it is important to also look at making provisions for how what you will have accumulated will go to your loved ones. Gifting and IHT (Inheritance taxation) are critical considerations.
You are planning your funeral: you may have specific wishes as to the type of ceremony, if indeed you wish there to be any ceremony at all. You may also want to make provisions in the will on how these wishes are to be paid for.
Start your planning today with SharedAffairs by following us on Linkedin, Facebook or Instragram and visiting us at https://www.sharedaffairs.com