Those of us with children will know how important it can be to protect our wealth so we can help provide for their futures. Failing to implement certain measures could result in them encountering significant issues when we pass away, and with that in mind, I’ve taken the time to compile this short post in the hope of highlighting some of the precautions you should all take.
Wealth protection has become a hot topic of late thanks to certain television programs and news outlets bringing stories of poor foresight to our attention. So take a moment to read through the information below, and you should be in the best position possible to ensure your children are provided for.
Making A Will
This is something you want to do as soon as your children are born. Though you may be in good health at the moment, things can change swiftly and accidents do happen, so ensuring you visit a solicitor and get this legal document written and filed should be a top priority. Without a will, the UK government will decide how any wealth you’ve accumulated will be distributed, and this isn’t ideal. Their standard practice means that your spouse will receive a payment of up to £125,000, but if you have a will in place this sum can be more than doubled.
Also, if you haven’t created a will, all the money will go to your next of kin – which could be ideal depending on your situation, but some people like to put money aside for grandchildren or friends etc.
Changing The Ownership Of Your Home
Most couples tend to own their property jointly, however, those who don’t risk facing many problems when their partner dies. To combat this, you seriously need to consider changing the ownership so that you’re equal parties. Under UK law, if a home is jointly owned by two people and one member of the couple dies, the other party takes full ownership immediately.
Giving Money & Assets Away Early
Perhaps the best method of ensuring your family is taken care of; giving your money and assets away before you die can be a brilliant way of guaranteeing the state (and the tax man) keep their grubby hands off your loot.
This is also beneficial because you can make sure that everyone receives their fair share whilst you’re still alive to see them enjoy it. Many elder UK residents opt to take this path because they find that spending their last days helping people can be very satisfying.
So there you have it my friends. Hopefully now you’ll have a much better insight into some of the things you really need to consider before it’s too late. Nobody wants their families to suffer financial issues whilst dealing with grief, and simply putting the information I’ve just relayed to good use can seriously help to avoid this situation coming about – so what are you waiting for?
You owe it to your children to ensure they get the best possible start in life, especially if you get ill or pass whilst they’re still young.