Why is it that less than half the population of the UK has arranged a Will, when it is one of life’s only certainties that one day the distribution of every individual’s Estate will become relevant?
Wills are generally easy to arrange, uncomplicated and relatively inexpensive. The only explanation for the lack of a Will must be either an absence of forward planning or some form of mind block.
Getting a Will organized is a central plank of any financial plan, offering inter-generational family security, as well as being of huge use to helping the surviving family deal with the deceased’s affairs. The administration of which is so much easier with a Will, than without.
Yet on its own a Will, however invaluable, only provides limited bloodline protection. To complete the package, to build a robust plan to protect wealth and ‘keep it in the family’ a Will should be used alongside trusts.
Trusts enable assets to be protected well beyond death and this is where they differ to a Will. A trust provides protection across generations and can be the difference between keeping wealth within the bloodline and losing it.
A trust can protect against future events such as family member divorcing or becoming bankrupt. In addition a trust should be hugely tax efficient to protect wealth against unwanted taxation (which could be very different in the future compared to today).
To learn more about the multiple benefits of trusts please see www.penguintaxplanning.co.uk