Published on: 21st January 2019

Wills: Not Just for Old People

Most people only think that the elderly need to contemplate creating a Will and discussing the inevitable. The general consensus is that estate planning is only for elderly people, but the future is unpredictable and therefore we cannot envisage how long we may live. According to the Office for National Statistics 4,356 people in the UK died in 2017 between the ages of 18 and 30.

The death of the Swedish DJ, Avicii, can teach everyone a valuable lesson about the importance of estate planning. The famous DJ, aged 28, died last year without leaving a Will. Therefore his estate will be distributed via the Swedish Laws of Intestacy. The Law in Sweden dictates that the parents will be set to inherit the entirety of Avicii's estate. But is this what he would have wanted? Avicii, well known for his charitable nature, may have wished to leave some of his assets to his favoured charities, or maybe even to his siblings. By not leaving a Will Avicii would not have been able to consider the possibility of tax complications that may arise from his death.

With effective estate planning Inheritance Tax can be mitigated allowing the family and friends of a deceased to receive more of their loved one's fortune. So anyone who has any assets that can be passed on should consider creating a Will and discussing the importance of estate planning. Creating a Will allows you to pass your assets to those whom you wish to receive them. With no valid Will your estate would be distributed via the Laws of Intestacy. These rules define that your estate will be passed to married or civil partners and close relatives only. If you are unmarried, your partner will not inherit from your estate. If you are married, your spouse will receive most, or all, of your estate; so your children may receive less than you would wish.

The Government also recognises the importance of creating Lasting Power of Attorney (LPA) documents, a document which allows you to appoint those you trust to look after your affairs when you are no longer able to. Anybody over the age of 18 can create an LPA; for more information click here.

Therefore everyone and anyone aged 18 or over, should consider the consequences that may arise without effective estate planning. If you would like to meet with one of our Consultants to discuss any of the issues raised in this article or any other Estate Planning topic please telephone 01732 868190 or click here. Don't delay ~ Act today!

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