Sante Life Limited is authorised and regulated by the Financial Conduct Authority. Financial Services Register number 927705
Kinetic Law have partnered with Sante Life, a well renowned Life Insurance broker who offer professional, independent advice on financial protection products.
When obtaining a life insurance policy, consideration should be given to putting a Will in place as it ensures that your assets, including your life insurance proceeds in some cases, are distributed in accordance with your wishes upon death.
What is a Will?
A legally binding document prepared during your lifetime which sets out your instructions of how you wish your monies, property, personal belongings, etc, to be distributed upon death.
You can prepare a simple Will passing your assets to a spouse and/or children or it can be slightly more complex dealing with assets individually, cohabiting partners, children from previous relationships, step children etc.
We tailor your Will specifically to your personal circumstances and wishes and provide advice suited specifically to your circumstances.
Why Make a Will?
Anyone over the age of 18 can make a Will at anytime and should be reviewed regularly especially when something significant changes, like a marriage, receiving inheritance, purchase or sale of property, birth of a child or grandchild, divorce, deaths etc.
A Will is a vital tool in ensuring your assets, which you have accumulated during your lifetime, are distributed exactly how you want them to be giving you that much needed peace of mind. It is particularly important if you have a complex family situation such as children from a previous marriage, cohabitation etc.
Your Inheritance Tax position is considered when making a Will. Inheritance Tax is calculated depending on different variants. The rate of Inheritance Tax is 40% on all assets over the threshold, which can be significant. We are highly experienced to deal with Inheritance Tax matters and will provide tailored advice for your circumstances.
What happens if you die without a Will?
The Intestacy Rules apply. These dictate how your assets are distributed. This could mean that your assets pass to people you would not have chosen yourself or you may not even know. The Intestacy Rules do not include certain groups of people such as a cohabiting partner or step-children, or potentially children from a previous relationship if you are married upon death. If your circumstances mean that you would want the excluded groups to benefit upon death, then a valid Will would be needed.
What to consider when making a Will
The basic points to consider before the appointment are the following: