17th August, 2015
According to recent research, 57% of us do not currently have a Will. Generally, the older people are the more likely they are to write one, but the sooner pen is put to paper, the better. Getting married, starting a family and buying a house are all life events that can trigger the need to write a Will. But despite this, a surprising amount of people leave it late in life, leaving property, money and other assets such as a life insurance policy open to intestacy rules.
A Will is a vital legal document that ensures how your assets are to be paid out and distributed as per your wishes. Thousands die without a Will, which is known as dying intestate. This means that your assets will be distributed as per the government rules, which can potentially mean a partner or loved one will miss out on receiving anything at all. There are several options on types of Will, which is why talking to an adviser about your options is vital.
Putting a life insurance policy into Trust is also a recommended part of the process. This will ensure a smoother and quicker distribution of assets when you die. Surprisingly, only 6% of life insurance policies are written into Trust, which means that even with a Will, the policy may become part of the deceased’s estate and will possibly be susceptible to Inheritance Tax, currently levied at 40% on assets above a threshold of £325,000.
At Compare Life Quotes, we want to make sure your life insurance policy will pay out when your loved ones need it. That is why we provide a free Will worth up to £149.99 with every life insurance plan. To find out more, go to our quotes page or contact us to talk about your life insurance options.