You have probably been told on numerous occasions that you should have a Will.
Indeed, doing so may have been on your mental to-do list for months or years.
However, you haven’t yet gotten around to it. This may just be due to the hustle and bustle of day-to-day expat life. It may be that you aren’t really sure how to get started.
Nonetheless, making a Will is one of the most important things we can do.
Here are 10 reasons why:
- To make sure that your loved ones are looked after.
- Ensure that your money goes where you want it to go.
- If you have children and don’t nominate a guardian in your Will, the decision will be made by a court. This could mean that someone that you would not have chosen could raise your children.
- To make sure that you don’t end up paying more tax than you need to. A Will can be a valuable tool when mitigating inheritance tax.
- A Will reduces the chance of a dispute over your wishes.
- Protect your partner. If you are not married or in a civil partnership, your partner won’t have an automatic right to inherit.
- Safeguard your family home. If you have specific wishes about who inherits your home, outlining this in a Will can save the risk of dispute.
- If you want to leave everything to your spouse. If you have children and you die without having made a Will, then your husband or wife will not automatically inherit your whole estate. Instead, they automatically inherit the first £270,000 of value in the estate and half of the remainder. Your children receive the other half of the remainder.
- Leave money to charity. Once you have provided for your loved ones, you may want to leave a gift to a cause that means something to you.
- Peace of mind.
* The above is based on England and Wales law. You should also check the rules with regard to Wills and inheritance in your current country of residence.
EU Succession Regulation: What is it and how does it affect UK expats?
How does UK inheritance tax work when a spouse is non-domiciled?
Talk about it
To find out how we can help you put your financial affairs in order, get in touch. Email firstname.lastname@example.org.
Every week, I send out a short email to British expats who are approaching or considering retirement.
I use it to answer common (and not-so-common) questions that they have about pensions and investments.
To receive it in your inbox, just enter your name and email address below.
*I promise that I won’t send you spam (I hate it too) and you can unsubscribe at any time.
▪️Ross has been a financial adviser for the past 26 years.
▪️He specialises in working with British expats over age 50 who are looking to optimise their finances for retirement.
▪️He is qualified as a financial adviser both in the UK, as a Chartered Financial Planner®, and in the EU, as a European Financial Planner®.
▪️Ross has been an expat himself for 22 years and is married with 2 children.
You must be logged in to post a comment.