By Charlotte Isherwood
Thinking about wealth and assets, it’s natural to think in terms of today: what you have, your ambitions for the future and ensuring you have enough set aside for a rainy day.
What’s equally as important though, is protecting your wealth so that it can be passed on after your death – in whatever way feels right to you. Practically speaking, that might be making sure your wife or husband is financially looked after, providing for your children or grandchildren, or leaving assets to a partner, friends, charities or other beneficiaries.
It’s estimated that the ‘baby boomer’ generation is either already enjoying a well-earned retirement, or they are on the cusp of doing so. Much of the substantial wealth that they have built up during their lifetime is about to be passed on to Generation X or Generation Y (Millennials). The transfer of wealth is expected to peak somewhere around 2035, with some £5–6 trillion being passed on.
Deciding how to transfer your wealth can be difficult. However, it is important to do so in order to protect and preserve it for future generations and we believe the best way to start is by preparing a Will.
Preparing a Will means that your estate will be distributed as per your wishes, rather than per the rules of intestacy, which might be very different. A Will is also important to optimise your estate; you may be able to minimise the amount of Inheritance Tax payable by your estate, leaving more of your assets to your loved ones.
Despite the importance of having a Will, it remains a shocking statistic that 50% of Britain’s adult population doesn’t have one. Time constraints and not understanding the Will writing process have been some of the reasons why people delay getting the process started.
ZEDRA have an experienced team of solicitors who are on hand to support clients with the preparation of their Wills and to ensure valid execution. We are especially adept at helping those with complex family relationships or estates that require a specific or potentially non-standard division of assets.
We are also able to act as Executor for our clients. Handling an estate properly can be overwhelming at the best of times, and for those in mourning it can be especially difficult. Many clients like the idea of appointing ZEDRA as Executor to ensure that the administration of their estate will be handled appropriately and the estate properly distributed.