Back to Estate Planning Tips for Ladies part 1

Estate Planning Tips: 6) Review Your Legal Planning After Your Spouse Dies

Many people don’t review their legal plans ever, which is disastrous.   Our Peace of Mind Service enables a brief review every year, as things are constantly in flux – family, law, tax. but changes in circumstances mean that it’s time to pull it out and make changes. If your spouse dies before you, you will have to change beneficiaries for all of your assets.

Estate Planning Tips: 7) Pensions and Life Insurances

Pension plans and life insurances allow you to “nominate” who the death benefits should go to, if there are any.  Please make sure you do this, and review the nominations from time to time.  With a life insurance policy, this will normally be done by way of a trust which should have been set up at the start,    If you only name the recipients in your will, the transfer can be held up until the entire estate is settled, and they could get nothing if your assets have been taken by the Local Council.

Estate Planning Tips: 8) Maintain a Joint Account with Your Spouse

If you or your spouse  dies suddenly, it may take time for the other spouse to obtain legal access to the deceased’s individual accounts. In the meantime, there will be regular ongoing expenses. A joint account allows both spouses to access funds easily and will make the transition smoother.  However, this does NOT work if the problem is that one of you has lost “mental capacity” and the account will be frozen unless you have Lasting Powers of Attorney or obtain a Court order.

Estate Planning Tips: 9) Remarrying?

Make sure that the distribution of your estate remains fair.  The chances are you have disinherited your children automatically by remarrying, if you die first.  People considering a second relationship are in special need of advice, before they get to involved.

Estate Planning Tips: 10) Learn How to Manage Your Accounts

There was once a time when almost all family finances were handled by the husband. Today, many more Ladies are active in bill-paying, insurance shopping and other money matters. If you aren’t the spouse that handles the day-to-day finances in your family, get up to speed on how to do so. This way, if your spouse dies suddenly, you aren’t left floundering with the finances.

Estate Planning Tips: The Bottom Line

While it may seem easy to put estate planning off until “later,” it’s the most important way that you can preserve your wealth and pass it along to those you care about. A solid estate plan helps those you leave behind handle your assets and follow your final wishes.

Do feel free to contact us with any questions if they aren’t already answered on the site.

(1) Valid Will:  properly singed in front of two independent witnesses who then signed in turn and added there details. It also has to be found, which is often a problem and why we offer our Peace of Mind Service.  Lost of people also make alterations to Last Will themselves, which often invalidates the Will.  Getting married also invalidates a Will in England and Wales, unless the Will was made clearly with that marriage taken into account.

Back to Estate Planning Tips for Ladies part 1