Thursday, 20 June 2013

Why Your Parent's Wills are more important than yours.

I am going to encourage you to have a difficult conversation – a conversation that, I have been told, will make you feel uncomfortable, prying, greedy and grasping – but a conversation that is essential.

So here goes – Talk to your parents about their death, what they want to happen when they die, what their Wills say, what their funeral wishes are and how they want to be remembered. Talk to your parents about the period running up to their death, what happens if they get ill, who they want to make the important decisions about care and life sustaining treatment, and what they need to do to ensure that these things happen.

Hopefully you know by now that you need to make a Will, maybe you have even done it, but the fact remains that 50% of people die without a Will often assuming that everything will automatically pass to their spouse or children and your parents could be among them.

When you have the conversation, ask yourself, do you need their money or would it be better to pass to your children or grandchildren. There might be tax implications if you receive the money that could be avoided by skipping a generation or two. Ask them what they have done to protect their assets against Tax and Care Costs, to ensure that probate will be quick and efficient after they have gone.

Above all ask them to have a family meeting, preferably with a qualified advisor who will guide them through their options and ensure that all of the family understands and ‘buys in’ to the planning that needs to be done.

Your parent’s Will and end of life planning is more important than yours, ask them to review it today – even offer to pay – it will save you time, stress and grief in the long run.

As ever for more call us on 01778 382723 or e-mail Willbroker