Why do we provide our clients with a free Will?
At a time when we are experiencing a global pandemic, it could be perceived as crass or insensitive to talk about the role of Wills when arranging a mortgage. That is absolutely not our intention and due respect will be paid to the subject matter.
In fact our approach to this is that we pay for the cost of a Will for our clients as we feel it is so important.
However, it is an inescapable fact that life is by its very nature is impermeant. We can’t change that, but what we can do is ensure that our clients, and their families are not overly burdened should a property owner die during the term of the mortgage, and providing a free Will goes someway towards that.
Why should I have a Will at all?
Research conducted from Which?, the consumer group, found a staggering 54% of adults in the UK do not have a Will and 5.4 million have no idea how to make one.
If you fall into this category, you may have had to deal with an estate ‘Intestate’. Intestate is the term meaning somebody has died and no valid Will is in place. What follows is a lengthy, expensive and often distressing process of working out who is entitled to what assets. It may be worth looking over the Governments own process for that here. It can take between 6-24 months to resolve this situation, assuming there are no further complications or counter claims.
Why we advise all our clients who take a mortgage to also arrange a Will at this time is that it takes this whole process off the table. Your estate will be distributed in accordance to your wishes and removes any possible misunderstandings/issues that may arise from this. This is also why we pay for it and provide a free Will, as it is just that important. Who wants their family to be arguing at such a time?
What if my affairs are more complex?
All the more reason to get a Will! The Free Will we provide should cover about 95% of situations without any further cost to yourself. It covers multiple Properties, large assets, international assets, Business Interests/Ownership, wishes for surviving spouses, children and any other relevant family members or friends (and indeed pets). If the Will we provide does not go into sufficient depth, you can take up the advised process provided by Dunham McCarthy which will be subsidised from us. The fees are modest and we feel the vast majority of clients will not need to do this but the service is very much open to you should you wish to take advantage of it.
Are there any hidden costs?
None whatsoever. You can arrange a Will for you and your partner, if relevant, for free courtesy of Rose Capital Partners. As we already charge for our service plus any other fees we receive, we simply absorb this cost for our clients. There are small additional fees for storage or to receive bound paper copies, or a more in-depth service as outlined above, but these are all optional and very clearly labelled as such.
What are the benefits to having a Will?
- Saving your family stress: they may need to fill out extra paperwork and get legal advice if you don’t have a will – in addition to dealing with all of the other turmoil that comes with a family member’s death.
- Making sure your money goes to the right people: you’ll have no say if you don’t write a will.
- Appointing a guardian for your children: for parents with young children, a will is particularly important, as you’ll need to appoint a legal guardian. Otherwise the family courts will decide where your children go.
- Providing for children and step-children: putting money away for specific reasons, eg your child’s first car, and for specific people who aren’t direct blood relatives is only possible if you have a will.
- Leaving assets to your partner if you’re unmarried: unmarried partners won’t be entitled to anything when you die, unless this is specified in a will.
- Choosing an executor: to make sure that your plans are carried out when you die, you should appoint an executor you can trust.
The above really is a brief overview, but should give you enough of reason to put a Will in place if you have not already done so. If you are one of our clients and have not done this, please get in touch with your adviser! If you are new to us, again, please talk to us and we can walk you through this process. At a time of such uncertainty it is a reminder that “Plan for what is difficult while it is easy, do what is great while it is small. The difficult things in this world must be done while they are easy, the greatest things in the world must be done while they are still small” as Sun Tzu said a very long time ago, but never has that statement not been true.