Will Planning:
For Your Legacy​
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What is Estate Planning?​​
Estate planning is the process of ensuring that your assets go to the right people and minimising the amount lost to inheritance tax (IHT). A well-thought-out plan will put your mind at ease and prevent disputes among your loved ones. Crafting a will is a key part within your broader estate planning.
What is Estate Planning?​​
Creating a will makes sure that your wishes are followed, from who inherits your assets to who takes care of your children. Without a will, the law decides how your estate is divided, which might not align with your wishes.
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How to Write a Will in the UK
Step-by-Step Guide:​

1

Identify Your Beneficiaries

Consider who will benefit from your estate, including your partner, family, friends, andspms[ss]dks charities. Also, think about those you don’t want to benefit.

2

List Your Assets

Include both simple (savings, valuables) and complex (property, pension, business) assets.

3

Plan Asset Distribution

Decide how to divide your estate:
  • Specific Bequest: A particular item.
  • Pecuniary Bequest: A set amount of money.
  • Residuary Bequest: A percentage of the estate.
  • Reversionary Bequest: For secondary beneficiaries.
  • Trusts: For managing assets over time.

4

Consider Inheritance Tax

No tax is due if your estate is under £325,000. For larger estates, plan accordingly.

5

Choose an Executor

Appoint someone you trust, or consider a solicitor for complex estates.
42%
of adults in the UK have not spoken to anyone about what should happen to their estate upon their passing
26%
of people believe that they don’t have enough assets or wealth to warrant creating a will
Only 5%
Just 5.2% of UK wills appoint professional trustees, risking suboptimal estate management

Mistakes to Avoid in Will Planning

Making a will is a huge act that carries with it lots of weight. Below is some guidance on what you need to be aware of to avoid adding any more stress into this process:
  • Be Clear and Specific: Vague instructions can lead to disputes.
  • Keep it Updated: If you make your will early, then you will need to update it as life changes.
  • Consider Professional Help: Especially relevant if your estate is complicated.

Talking to Your Family About Your Will​

It might be uncomfortable, but discussing your will with your family can prevent misunderstandings and disputes. Explain your decisions clearly and listen to their feedback. A survey conducted by OnePoll for IBB showed that 60% of people who decided to pursue an inheritance dispute received a financial benefit. If possible, any disputes should be prevented before they arise.
Common Questions About Estate Planning​

You should avoid including conditions that are illegal or impossible to enforce. Also, avoid specifics that might change over time, like the details of your digital accounts without updating them regularly.

The cost can vary widely. DIY wills might cost as little as £30, while solicitor-drafted wills can range from £150 to £300 or more.

Estate planning involves organising how your assets will be managed and distributed after your death. This includes wills, trusts, powers of attorney, and tax planning.

You can write a will yourself using a will template, hire a solicitor, or use a will-writing service. Ensure it is signed and witnessed correctly.

You can request a copy from the Principal Registry of the Family Division, or search online databases for public records of probated wills.

Next Steps​​

Are you ready to secure your legacy?

At Secure Mortgages and Protection, we’re here to help you make the best decisions for your estate planning. Connect with us today to ensure your legacy is protected and your loved ones are cared for. Choosing us grants you:
We offer personalised advice to help you find the right option for you, ongoing support that adapts your setup with your wishes, and access to our other estate planning services such as will writing.
  • Personalised Advice: Our expert advisers can help tailor your will to your specific needs.
  • Access to our Estate Planning services: We can help you secure the right trust and minimise inheritance tax on your estate.
  • Write or Update Your Will: Ensure your will reflects your current wishes and circumstances.
  • Regular Reviews: Keep your will up to date as life changes.
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  • enquiries@securemp.co.uk
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