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Discover why it's important to write a Will when you have young children, and explore your options... Why do parents need a will? Making a will might be the last thing on your mind as you adapt to your busy life as a parent, but it's part of your responsibility to your children. If you die without a will, it could lead to uncertainty and financial worry for your family and dependants. What happens to your family without a will? Without a will, your estate will be divided according to a complex set of laws called intestacy rules. By writing a will, you can make sure that if you or your partner were to die, your family will be provided for and your estate will be divided the way you wish for it to be. But it’s not all about money. Making a will also allows you to appoint guardians for your children. If these plans aren’t outlined in a will, and both parents are deceased, your local authority or the courts may be left to decide who should look after your children If you don't have a will: your spouse, cohabitee, partner or civil partner won't automatically inherit everything if you are not married to your partner, they won't inherit anything your children's guardianship may be decided by a local authority or court any step-children or foster children won't inherit anything. Writing the best will for your children Find out what you need to include in a will for your children. 1. Appoint a guardian for your children - Think carefully about who you would appoint as a guardian in the event that you, or you and your partner, were to die.  If you don't choose a guardian, the local authorities will be charged with deciding – and while they often prefer immediate family, this is not automatic. Keep in mind that the appointment of a guardian automatically ends when your children reach the age of 18. Most people nominate more than one guardian, or at least a substitute guardian in case the first is unwilling to unable to take the role. Obviously, you'll want to discuss this with the people you choose before naming them.  Choosing a godparent is not the same as choosing a guardian, as godparents have no legal rights. If you wish the godparents to look after your children if you die, you must name them as guardians in your will. Find out more: Reasons to Make a Will > 2. Set out a plan for your child's finances Think about how you could make arrangements to cover the expenses of bringing up your children in the event of your death. How can your estate cover these costs? In your will, think about balancing the competing needs of all members of your family after your death.  You need to feel confident that your estate will provide for your partner, children, step-children and any other people or organisations that you wish to benefit. 3. Provide for your step-children and other dependants If you have step-children, they will not automatically inherit from your estate unless you specifically include them in your will. So consider making arrangements in your will to meet their financial needs. This may also be the case for other children you care for – such as foster children – as well as any dependent adults that rely upon you. 4. Revise beneficiaries from trusts, pensions or insurance If you have a life insurance policy, a pension scheme or other assets held in trust, these will not be passed down within your will. If you want your children to be inherit these financial products, you'll need to contact each provider and nominate your children as your beneficiaries. 5. Decide on the age of inheritance Consider at what age you want your children to receive full control of their inheritance. Unless the will says otherwise, they will automatically receive access to their assets at 18 in most cases, although the default in Scotland is for the child to inherit at 17. Before this age, your children can still benefit from their inheritance, but will not be able to manage it personally. The assets will be held on trust, and managed by a trustee to benefit your child. So, for example, the child may receive an allowance from a cash fund, but will not be able to withdraw money without the trustee's consent. You might think 18 is too young an age to expect your children to be financially responsible. If so, you can set a higher age if you wish or put conditions on their access. Many people opt for 21, or even older. 6. Appoint trustees for your child's inheritance If you die before the age your children can inherit, their assets will need to be held in trust. To manage that trust, you need to nominate a trusted person, known as the trustee. Think carefully about how the best person would be to safeguard your children's assets and help plan for their future. The trustee is essentially in control of your children's finances. You might want to appoint your partner as one of the trustees, with either one or two further trustees, or substitute trustees in case both parents pass away. Generally, choosing one trustee is a bad idea. There's a risk that person may not be around, in which case there are rules that dictate who would be appointed. The rules give precedence to family relations, and there's a chance that the person who is chosen may not be who you would prefer. Find out more: Trust Work and Inheritance Tax > 7. Consider trust beneficiary payouts If a partner or other beneficiary will receive a large payout in the event of your death – for example, from your life insurance policy – they may not need a large legacy from your will too. This could free up assets you can leave for your dependants. Think carefully about the arrangements in place for all the members of your family and how they will be protected. If you have decided to establish a trust for your children, you'll also need to give guidance to the trustees on how you would like the money to be controlled. Should they receive everything at maturity, or would you like to provide an income? Would you like to dictate that the assets should be used for specific goals, such as education, living costs or stepping onto the property ladder? 8. Make a new will if you marry or enter into a civil partnership When you marry or enter into a civil partnership, any existing will is automatically revoked. So after your marriage, you should execute a new will to ensure your wishes are carried out. Alternatively, if you're planning to marry soon, you can include a clause in your will stating that you anticipate marrying your (named) fiancé and that the will is to be effective both before and after your marriage. 9. Consider family heirlooms While the most important points are who will look after your children and how they will be provided for, you may wish to make specific legacies so particular items are passed on to your children, rather than sold to pay for inheritance tax or otherwise. 10. Schedule a will review Circumstances can change, so it's important to keep your will up to date to accommodate this. Reviewing your will every five years or so will give you a chance to think about whether the people you've nominated to look after your children are still suitable, and whether your instructions still reflect your family's situation. How to write your first will... When it comes to making your will, let us do the hard work for you and take you through the process step-by-step. Get in contact with us for a FREE no-obligation home visit, to assess your personal will writing needs. We hope you found this article helpful! Newlife Wills team.

Check out these 20+ crucial checks to minimise financial trauma! Death can cause financial tragedies as well as grief. Yet planning for the end isn't about being morbid. It's about making crucial financial preparations to lessen the impact when it happens. This checklist includes tips on wills, inheritance tax, funerals and setting up a power of attorney, plus how to do the 'unpleasant issues' chat. Have the unpleasant issues chat Sort your will Arrnage who would look after your dependants Plan early to save on inheritance tax Take time to ensure your partner, kids, parents or flatmates have the practical skills they need to look after the household Plan your funeral Plan ahead in case you loose your faculties Remember, you can't take cash with you Get round to doing things and seeing places you've always wanted to visit - aka... a bucket list! Beware of listing your passwords Consider saving a life after you're gone Weigh up whether an over-50s plan is worth it Consider making a 'living will' - to refuse treatment Note down how you'd like to be cared for Ensure pets are provided for Don't leave life insurance until it's too late Do debts die with you? Tell your Next of Kin where your will is kept Think carefully about releasing the equity in your home Get extra help and support - If you're planning for the end of life, don't shoulder the worry alone – help is available and you make sure you seek it out. We hope you found this article helpful! Newlife Wills team.

What are prepaid Funeral Plans... and are they worth it? Loosing a loved one is never easy, add to this the rising cost of funerals (which now average £4,300) and the aftershocks can be considerable. More and more people are now opting for prepaid funeral plans so they know the majority of costs are taken care of before they die. It's important to ensure your family are not left to foot the hefty bill, and an already difficult time for them. Here at Newlife Wills we will help you work out a plan that is right for you... A fifth of all UK funerals are now paid for in advance via a funeral plan, which leaves your family with less financial and/or organisational responsibility when you die. Plans allow anyone over the age of 50 (18+ with some plans) to pay for and set out the arrangements of the major components of your funeral now – eg, hearse and ceremony – so you can guard against rising costs. However, they do have their pitfalls, so here's all you need to know. Top 10 Need to Knows: 1. Beware of dodgy companies mis-selling plans There have been reports of widespread mis-selling in this industry, with vulnerable people being cold-called and pressured into buying over-priced plans not right for them, with unscrupulous companies taking a hefty chunk of anything paid into a plan as commission. 2. What is usually covered in a Funeral Plan? Many providers will let you choose a cremation or burial funeral plan. The initial costs are similar, but watch out for costs that won't be covered. What's usually included: Transport of the body to the funeral director's location Care of the body Visiting the body in a chapel of rest A coffin, hearse and funeral director personnel What's sometimes included, depending on the plan: Doctors' fees (totalling £164 and needed for cremations outside Scotland) Minister's or celebrant's fees Limousines for mourners Complete fees for the crematorium What's generally not included in a funeral plan: Funeral notices Order sheets Embalming Buying a burial plot (this can cost £1,000s) and some burial fees Flowers, catering and other costs for a wake A head stone/memorial Always check exactly what is and isn't included in the plan before you buy, as every plan has its differences. 3. Plans can guard against inflation and rising prices 4. Is a Funeral Plan worth it? If you have the money to pay for a funeral plan now and you're the sort of person who likes to be in control of things, while at the same time taking the pressure off your family when the time comes, both financially and emotionally, then a funeral plan is an option to consider. 5. Your money isn't protected like a savings account The key thing to understand about this market is it is not regulated. This means your money isn't protected like in a savings account – where the first £85,000 is protected in the event of the bank or building society going bust – although discussions are ongoing to see whether this is an option. 6. Cash paid into a funeral plan is sheltered from the taxman and care home fee evaluations One bonus of a funeral plan is that, once paid for, it isn't counted towards your estate, so it's excluded from inheritance tax charges when you die. If instead you'd chosen to keep money aside in a savings account to pay for your funeral, this does form part of your estate and is included in the total value of your estate for inheritance tax purposes. 7. There are 4 ways to pay for your funeral plan a) Pay the full amount in one go at the start b) Spread the cost over 12 monthly instalments c) Pay over several years in monthly instalments for up to 30 years d) Pay by fixed monthly payments until you die (or aged 90, whichever is earlier) 8. Tell your loved ones you have a funeral plan When you die, whoever is looking after your estate will need to notify the funeral plan provider or your nominated funeral director who will arrange and pay for the funeral, so it's important you tell people you have a plan. If you don't document it, but your family think you had a plan and just don't know who you bought it from and what the details are, the FPA has a trace a funeral plan facility on its website. 9. Don't confuse Funeral Plans with over-50s life insurance plans Funeral plans are different. That's because you can pay in one go up front, or a set amount each month for a set period of time (typically for up to five years or less) – so there doesn't have to be any ongoing payments for life 10. Consider whether you need money to live on now If you need the money more desperately now, then you'll need to consider whether a funeral plan is the right option for you. Also, bluntly, your funeral will then be down to your family to arrange, so won't be your problem. If there's enough money left in your estate when you die, the funeral can be paid for from that. We hope you found this article helpful! Newlife Wills team.

Writing a Will and keeping it updated is vert important. Did you know... including a charitable gift could reduce inheritance tax? It has never been more important for people to write a will. The rules of intestacy, which determine who will inherit in the absence of a will, were not designed for today’s more complex family dynamics, which means it’s far from straightforward working out how the estate will be shared out. There are some individuals – unmarried partners and stepchildren, for example – who are excluded from the rules, so the division of assets may not work out as the deceased might have wanted. The same rules of intestacy also apply in the event of a will that is not legally binding. This can often happen when a person has chosen to write their own will. People still decide to draw up their own wills, but there are so many issues that can easily be missed, resulting in a will that cannot be acted on. It’s far more sensible to have a will professionally drafted. Newlife Wills can help you with this process. Get in touch today for a no obligation home visit. Did you know... if you choose to leave a gift to charity in your will, you may be able to reduce the inheritance tax (IHT) on your estate. IHT is a tax on the estate of someone who has died (the current rate is 40%). There is usually no tax to pay on an estate valued at less than £325,000. However, if your estate is valued higher than £325,000, it is possible to reduce the rate to 36% by leaving 10% or more of the net estate to charity. If you have children under the age of 18, it is important to make provision for them in the unlikely event of your death. There are four main areas to consider. 1. Who will be the child's guardian 2. Who will look after their finances 3. If you often travel together as a family, it’s worth considering a default position should something happen to you all. 4. Regularly review the will -when children reach 18, different provisions may need to be made. If you would like to learn more about writing a will or leaving a gift in your will to a charity, get in touch with us on 01843 598620 or email us at enquiries@newlifewills.co.uk We hope you found this article helpful! Newlife Wills team.

Estate Planning in the UK is one of the most important things you can do as you approach later life, but the sooner the better! In this article we will help you get things right. Estate Planning is something a lot of people think doesn't apply to them... However, the reality is... most of us have an estate. If you own a house, car, have savings, or even furniture... then this is an estate. It doesn't matter how large or small it is, it is still an 'estate.' Something everyone has in common, irrespective of whether you have a large or small estate, is that you can't take it with you when you die. When that happens, you'll of course want control over how things are given to the people or organisations you care most about. To ensure your wishes are carried out, you need to provide instructions stating whom you want to receive something of yours, what you want them to receive, and when they are to receive it. You will of course want this to happen with the least amount paid in taxes, legal fees, and court costs. And this is what we call Estate Planning. Overall, estate planning can be broken down in to 4 parts: Writing a will and making executors, family members and friends aware of it. Making a comprehensive list of your assets and any debts. Planning, or recording, any cash gifts you plan to give to protect against inheritance tax. Making provisions for your funeral and any funeral expenses. For many approaching later life, concern over the impact inheritance tax may have on their relatives is a very real and important issue. Estate planning provides a viable and sound way to prepare your finances to ensure that your assets are protected for your loved ones once you’re gone. Estate planning also helps you to avoid or reduce the amount of inheritance tax you’ll pay. There are other benefits to estate planning and consideration of later life finance – such as arranging a watertight will, understanding and outlining your wishes, making funeral plans and obtaining a clear and comprehensive view of your assets. At Newlife Wills we are committed to providing sound, clear advice for individuals and their families who are considering later life finance and the costs of care provision. If estate planning is something you're looking to do, then we would recommend that you speak to one of our experts who can help you. Contact us on 01843 598620 for a no-obligation home visit. We hope you found this article helpful! Newlife Wills team

Your Will tells everyone what should happen to your money, possessions and property after you pass away (all these things together are called your ‘estate’). If you don’t leave a Will, the law decides how your estate is passed on – and this might not be in line with your wishes. 1. A will makes it much easier for your family or friends to sort everything out when you die – without a will the process can be more time consuming and stressful. 2. If you don’t write a will, everything you own will be shared out in a standard way defined by the law – which isn’t always the way you might want. 3. A will can help reduce the amount of Inheritance Tax that might be payable on the value of the property and money you leave behind. 4. Writing a will is especially important if you have children or other family who depend on you financially, or if you want to leave something to people outside your immediate family. Your wishes and who carries them out Your will tells people two very important things: 1. Who should have your money, property and possessions when you die. 2. Who will be in charge of organising your estate and following the instructions you leave in your will – this person is called your ‘executor’, and you can name more than one person if you want to. You can also use your will to tell people about any other wishes you have, like instructions for your burial or cremation. Your executor will do their best to make sure your wishes are followed, as long as they don’t involve breaking the law. It might not always be possible for your executors to carry out your instructions. For example, a person you want to leave something to might die before you do, but if you have a will there’s a better chance of things happening the way you want. Make sure your will is legally valid Your will doesn’t have to be on special paper or use a lot of legal language. A document is a valid will as long as it: 1. Says how your estate should be shared out when you die. 2. Was made when you were able to make your own decisions and you weren’t put under pressure about who to leave things to. 3. Is signed and dated by you in the presence of two adult, independent witnesses, and then signed by the two witnesses in your presence – the witnesses can’t be people who are going to inherit anything from you (or their husband/wife or civil partner. How to start making a will If your family is small and you want to leave everything to them, making your will is fairly straightforward. If your situation is more complicated – for example, if you have a second family or you want to leave money and gifts to lots of people – you’ll need to plan more carefully. Either way, don’t put it off – make sure that what you leave behind will go to the people you intended. Get in touch with us today on 01843 598620 to arrange a home visit. We hope you found this article helpful, Newlife Wills team

Research from leading insurer SunLife suggests that us Brits simply do not like talking about arranging or funding our funeral. You may ask... why we even need to be discussing such an uncomfortable topic? The answer... rising funeral costs! In fact, the cost of a UK funeral has increased every single year since 2004. Back in 2004, the average cost of a funeral was £1,920. However, fast forward to last year, and the cost has risen to an alarming £4,271 !! What's more, these costs are predicted to continue rising at a rapid rate! The most common and cost-effective way in which to cover these costs is to take out a prepaid funeral plan. By doing this, you'll secure a fixed rate, unchangeable by inflating costs over the coming years. The selfless investment ensures any financial burden is not passed on to your family and friends. The younger you are when arranging your cover, the cheaper it will be. So why not seize the day, and get on with living your life. safe in the knowledge the future is taken care of. We hope you found this article helpful! Newlife Wills team.