Death comes to us all, but are we prepared financially. Whilst leaving debts paid, family secure etc. are important, there is also the aspect of ensuring affairs are in order, and a will has been written.
A recent trial in UK where a will writer was charged with stealing over £300,000 from aged clients.
Firstly lets get things in perspective. Millions of wills are written every year, and very few people are conned or cheated. Anyone can write a will, you can buy prepopulated wills from shops and post offices in UK.
If your affairs are more complicated, and most expats are, then a visit to a lawyer may be in order. Simple wills are not overly expensive and many UK lawyers offer a free will service, but you should make a contribution to a charity.
Not having a will in place can be devastating for family members. This is especially true if someone has been married more than once or have children from different partners. Many lawyers will recommend providing a Power of
Attorney, so that in the event of your mental capacity being diminished someone can maintain your affairs. There is a fear by many over passing control of your finances to someone else, possibly a family member, possibly a close friend or indeed a professional such as your lawyer.
However within UK there is a government office The Office of the Public Guardian to maintain the status quo. Finally, it is important that you consider assets in other jurisdictions, so if you live in one country but have assets in
another, you should ensure you have wills for both countries. Finally great care needs to be taken in locations such as Middle East where it would be likely that the laws of that country will apply to assets in that country. In this case the Laws of Sharia would apply, so don’t expect your widow to receive your assets, it will pass to your sons where appropriate.
If this article interests you, and you would like further information, please contact us , or alternatively you can schedule a Free, no obligation, consultation with one of our Financial Advisors here.
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