But it is important for them to know there is much more to this kind of planning than just creating a will.
Considering other options, like asset protection and lasting powers of attorney, is also key to ensure their wishes are fully carried out. Far from being the preserve of the rich, asset protection trusts are a good option for anyone who is looking to protect themselves and their family.
For women with younger families, guardianship is a number one reason for making sure a will is written.
If children are left without parents, who would look after them? And could the nominated person afford to do so? Any provision of continuing support for both children and their chosen guardian can only be ensured via an asset protection trust.
Therefore, it is crucial to check your will writer is Step accredited because they are the only people qualified to advise on the full range of planning options. Will writing is not legally regulated, and most wills are written by unqualified people, which means they will not offer this level of knowledge.
Not only that, but more than half of the third-party written wills that we review contain either serious errors or major flaws.
Complications
Of course, there are important financial reasons that women need to consider too. Women are more likely to be financially dependent on their husbands, and many believe that in the event of their husband’s death everything will automatically be theirs. But this is not necessarily so.
If a woman has no assets in her name, she is reliant on her husband’s will to name her as a beneficiary.
Throw divorce and step families into the mix and it can quickly become very complicated. Women are increasingly approaching us to help protect any financial legacy for children, particularly if second marriages are involved.
A trust is often the solution as it will ringfence assets to ensure inheritance will not fall into the ‘wrong hands’.
It is not just the division of responsibilities and assets that can cause complications when someone dies.
Increasingly we are becoming a paperless society, which means on death, critical information can be lost, causing an administrational nightmare so it is important to know where everything is.
For example, at Kinherit, we offer our clients free access to what we call our Kinvault: a safe and secure digital asset vault where you gather together all your important documents and information in one place.
Clients should be advised to document everything safely and securely, from wills and bank account details to more practical instructions – for example who should look after the dog.
