What happens if you don't have a will? Any ideas? Who inherits your hard earned cash? Most people assume it will go to their partner - if you're not registered Civil Partners or a married couple, and you have no Will the only thing you can be sure of, is that it won't.

Making a will is one of the most simple but critical things you can do. Without a Will your partner could end up on the streets and a cousin that you haven't seen since Boxing Day 1983 could cop for the lot, or it could even go straight to the Government.

Even if you do have a Will is it Inheritance Tax friendly? Do you really want to pay the Inland Revenue 40%? Does it protect you from paying long term care fees? Is your home safeguarded?

What about any kids - who provides for them if you die? Who would they live with? You must make provision for the welfare and wellbeing of children, but if you're dead and gone a Will is the only way to make sure your wishes are known and acted upon.

Without a Will, no-one has any control over assets on death, they are distributed in strict accordance with intestacy law.

Also what if you don't die, but you have a bad accident or illness?

Enduring Power of Attorney (EPA) means that you give someone else power over your financial affairs if you are unable to act yourself. If you become incapable then someone can pay your bills, invest your money and look after you until you recover.

An EPA only comes into effect if you become incapable, and you can withdraw the power at any time until then. It is very powerful, but without one the cost and hassle of getting even a tenner from your bank will take months and is could cost thousands.

If, for example, you are in a car accident and in a coma for months. Without an EPA, no-one could pay any bills, including the mortgage and insurance policies, from your account. An application has to be made to the Public Guardianship Office and will take weeks to arrange. Any joint bank accounts can be frozen and within days carefully planned financial arrangements could just fall apart. 

For a free discussion about your options and your current provision, please contact us.