There’s never been a more apt time to ensure you’re prepared for the future in every conceivable way.
It’s not always top of the list, but a will is an important part of planning.
This does not constitute advice and advice should be sought in all instances before acting on it.
We recently encouraged taking advantage of the lockdown to sort out important life admin tasks and writing a will is top of the list.
Don’t worry, if you haven’t written a will, you’re not alone. Over half of the UK population are currently without one. But if you want to ensure that your hard-earned savings and assets are distributed amongst your loved ones the way you want, you need a will.
Make sure your will is up to date
A good rule to follow is that after your initial drafting of a will, you should revisit it anytime your circumstances change.
When you get married or divorced, you should review and update your will accordingly. A little known fact you may not be aware of is that when you get married, any previously existing will is invalidated. So if you want to ensure your partner is provided for after your death, you will need to work up a new will.
After each birth of a child, you should revisit and revise your will. It’s especially important if you have young children so you can dictate who you select as guardians should both you and your partner pass at the same time.
Beyond that, you can ensure the wealth that you’ve acquired gets passed along to your children so they’re covered financially. Otherwise, they’ll need to wait until they’re of age to receive their inheritance, but there are other options. You can delay distribution or put money into a trust for your children.
Remember, it should be up to you how your wealth is distributed.
Having a will not only allows you to decide who gets your assets but how they’re distributed. If certain family members would benefit from cash more than others – for example, for higher education, you can elect to pass along cash to them. For other loved ones who are further along in life, perhaps property would be more beneficial.
Keeping your will up to date is crucial. Marriage, divorce, births, adoptions, deaths — all grounds to reevaluate your will.
How to get started
The process of preparing a will need not be complicated or expensive. While writing your own will is certainly an option, nothing provides peace of mind like working with a professional to be sure you’ve covered everything, especially if you have a more complicated financial situation. Solicitors will also be able to advise how to handle inheritance tax – something many high-earning dentists and doctors must consider when writing their wills.
Connecting with your trusted financial adviser to get the ball rolling is a wise move. The connections IFAs have built over their working lives will undoubtedly benefit you.
Special offer
We’re pleased to let you know about a special promotion for Dental & Medical Financial Services’ clients on simple wills from Hodders Solicitors.
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For a limited time, for £99 plus VAT for a single simple will and £175 plus VAT for a double simple will, you can make certain your family is prepared for life after you.
So, if it’s time to write or review your will, contact us to see how we can help.
Ready to start planning for the future?
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Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.