Let me tell you of a horror story. Mr. Thrifty married to Mrs. Thrifty has ensured that he has paid off his mortgage on his £1m home (with your help) and hopes that one day his daughter Lucy will inherit the home. You have advised them to get a mirror Will and they decided to get a DIY Will.
However, Mr. Thrifty dies a year later in an accident. The home transfers to Mrs. Thrifty who marries her tennis coach, Mr. Opportunity a year later. They have two children. She makes a new Will, leaving everything to her children.
Unfortunately they divorce ten years later, and Mr. Opportunity receives half the value of the house (£500,000) in the divorce settlement. Mrs. Thrifty dies in shock and the rest of the estate is divided amongst the three children. Lucy receives £166,000 from the £1m asset.
This is not what Mr. Thrifty had intended when he was setting out his long-term financial plan.
And the moral of this story is…
If there is a lesson to be learned from the above tale, it is this:
- It is a good investment to obtain sound Estate Planning advice.
Please contact me on [email protected] or 0800 061 4494 to find out how I can best help you protect your family and your assets.