Get organised this year
With over 50% of the UK population NOT having an up-to-date will in place, this article should be highly relevant to a good proportion of UK doctors and dentists too. Make 2016 the year to get organised. Ensure that your hard-earned money and assets, plus your children, are left in the right care, without your family having a battle on their hands.
Whilst completing a will isn’t the most exciting of tasks to welcome the new year, is is a very important one. If you don’t have a will in place, or yours is out-of-date, consider the following 5 points to help spring you into action in 2016!
1 – Who would you want to take care of your children?
The executor of your will is responsible for all matters after your death, including making sure your children have a suitable guardian.
In most cases, the spouse or partner is appointed as executor and a close family member or friend as a second in command. In the case of children, the court does get the final decision, although the contents of a will are certainly taken into account, so preparing this important document goes a long way in ensuring your children have the right carer in the event of your death.
2 – Who do you want your assets to go to?
The 30 or 40 so “working years” are referred to as the “accumulation years” as with our earned money we gather assets, wealth, property, businesses, stocks and shares, for example.
Would you want your hard work to be left in limbo whilst family fight for their share, or worse, allocated to someone else against your desires?
In the event of a sudden, unfortunate, death, a will is the only document that will determine your wishes for your assets.
3 – How do you want your assets distributed?
Whilst many people allocate wealth and assets amongst children equally, the world is changing and it is often the case now where parents allocate different assets to children according to what could benefit them most.
For example, cash assets may be allocated to younger children to see them through university, where as older children may benefit from a property, as maybe they already have a family of their own.
A will can accurately distribute assets according to your personal family set-up.
4 – Getting a professional will is not expensive
Many people have a perceived idea that using a solicitor to prepare your will is an expensive option – it isn’t.
Almost 70% of those who do get a will prepared, use a solicitor and 12% use a will writer, according to Will Aid Survey.
Buying your own will-writing-kit is an option too, and a low-cost one, however for anything complex it is worth using a professional who knows the ins and outs of the law.
5 – Your will needs to be accurate and up-to-date
Having an incorrect will, or one that is out-of-date, is not worth the paper it is written on. Therefore, if any circumstances change including marriage, re-marriage, separation, divorce, births and adoptions, the will needs to be amended.
A review of your will is recommended every three to five years, as a minimum.
If you have a will in place, make 2016 the year to review it to ensure it is 100% accurate.
Dental & Medical Financial Services work alongside many other healthcare specialists to give you access to the best advice. Please call our team today to get connected to a professional who can help prepare your will.