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Will Writing & Estate Planning

What is Estate Planning and Why is it Important?

Estate Planning is the preparation to carry out an individual’s wishes regarding their wealth and assets leading up to and after their passing.

Estate Planning involves putting the necessary safeguards such as Wills, Lasting Powers of Attorney, Will and Lifetime Trusts in place to ensure that your wishes are known and followed, your assets are secure and your legacy is protected.

If you would like to find out more about the services available, please call us on 01384 231414 or email enquiries@dudleybuildingsociety.co.uk

Why make a Will?

Making a Will is one of the most important decisions you can make in your lifetime, and you are never too young to start planning.

Without a Will you cannot be certain that your loved ones inherit what you wanted them to when you pass. If you die without making a Will the Rules of Intestacy will apply. This could mean that wives, husbands or civil partners do not automatically inherit everything, and those in a ‘Common Law’ marriage will not benefit at all, regardless of the time spent together or if they have children.

There are three things that will determine who will inherit:

• How the assets are owned (joint or single ownership)

• The value of assets; and

• Whether the deceased leaves children

Other important reasons to write a Will:

Naming of legal guardians for children - If a child is born to unmarried parents, in certain circumstances only the mother will have automatic guardianship. Furthermore, Godparents are not recognised in law as rightful guardians, neither are brothers, sisters, aunts, uncles or grandparents.

Protection against sideways disinheritance - Marriage revokes a previously made Will. Any previous Wills are null and void and unless a new Will is made that person will die Intestate. Sideways disinheritance occurs when a spouse who has children remarries; if they were to die intestate, their estate could automatically go to their new spouse, disinheriting any children from the first marriage.

Leaving charitable legacies – If you would like to leave a gift to charity upon your death, the only way they can benefit is if they are named in a Will.

Not only is it important that you make a Will, it is essential that you keep it up to date as family circumstances change frequently. You may have had births in the family and now wish to leave an inheritance to any grandchildren. You may also want to consider any deaths, marriages or divorces and even bankruptcy of any potential heirs, as the value of your estate and their inheritance can be affected.

It is not uncommon for family disputes to occur after the death of a loved one. Thousands of pounds have been spent on court fees, all because a Will wasn’t made or kept up-to-date. To avoid potential disputes and to ensure that your wishes are known, book an appointment to see one of our specialist Estate Planning Consultants today by popping into your local branch or calling 01384 231414.

Estate Planning advice is provided by Concept Financial Solutions who are an appointed representative of Openwork Ltd which is authorised and regulated by the Financial Conduct Authority.



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