Making a will
Many people do not think about writing a will until later in life, but especially for those with children we recommend doing this as soon as possible.
If you do not make a will then your estate will be distributed according to the rules of intestacy. Remember that these rules do not recognise unmarried partners: if you’re not married or in a civil partnership, then your partner won’t receive anything from your estate (that isn’t jointly owned by them) unless this is specified in your will. You should review your will if your circumstances have changed: for example, marriage can invalidate an earlier will.
You can help your family by sharing your plans with them. You may even find that they suggest something different such as leaving a gift to a favoured charity. Setting up a Lasting Power of Attorney at the same time will ensure someone you know can deal with your affairs if you lose capacity.
EQ tip: plan while you are healthy
Even a person appointed under a Lasting Power of Attorney has very limited options to conduct IHT planning on your behalf. So it’s doubly important to make sure that your planning is done while you are in good health.
Did you enjoy this article?
Find out more about how EQ can help you achieve your financial objectives:- Learn more