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  • Home
  • About Us
    • Our Company
    • Our Team
    • How We Work
    • Client Charter
  • Services
    • Protection
      • Why Protection is Important
      • Life Assurance
      • Family Income Benefit
      • Income Protection
      • Private Medical Insurance
      • Critical Illness
    • Wealth Management
      • Introduction to Wealth Management
      • Relationship Management
      • Lasting Power of Attorney
      • Trust Information
      • Wills
    • Business Protection
      • Introduction to Business Protection
      • Key Person
      • Share Protection
      • Directors' & Staff Benefits
      • Income Protection
      • Relevant Life Cover
      • Employers' Liability
      • Professional Indemnity
    • Taxation
      • Introduction to Taxation
      • Capital Gains Tax
      • Income Tax
      • Inheritance Tax
    • Savings & Investments
      • Introduction to Savings & Investments
      • National Savings Products
      • Endowments
      • ISAs
      • Equities
      • Collectives
      • Unit Trusts
      • OEICs
      • Investment Trusts
      • Fixed Interest Investments
      • Capital Investment Bonds
      • Offshore Collectives
      • Junior ISAs
    • Pensions
      • Introduction to Pensions
      • Occupational Pensions / Auto Enrolment
      • Personal
      • Stakeholder
      • State Pension
      • SSAS
      • SIPP
      • Executive Pension Plan
      • National Employment Savings Trust (NEST)
      • Annuities
    • Financial Planning
      • Introduction to Financial Planning
    • Mortgages
      • Introduction To Mortgages
      • Mortgage Repayment
      • First Time Buyer
      • Remortgaging
      • Standard Variable Rate
      • Fixed Rate
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      • Offset Mortgages
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Wills

It should be noted that the information contained in this section relates to our current understanding of the law of England & Wales which is subject to change. Laws in other parts of the UK will differ.

What happens if you don't make a will?

Everything you leave when you die, less anything you owe, is called your 'estate'. A will sets out what is to happen to your estate. It is a legal document which, although it can be changed after your death in some circumstances, will normally be followed as written.

Dying without a will (called dying intestate) can cause unnecessary hardship for your survivors:

  • Delays would be incurred in trying to find out whether or not you did in fact leave a will, and in tracing your possessions.
  • Delays would occur in the necessary formalities required before your estate can be distributed.
  • Your next of kin will usually be appointed to sort out your estate, and he or she might not be the best person to do the job.
  • The law dictates who will inherit your estate and in what proportions depending on whether you were married and/or have any children or grandchildren.

The rules do not recognise unmarried partners (although a partner may be able to make a claim on your estate):

  • The law may require legally binding trusts to be set up. These may be unnecessarily restrictive and expensive, especially where only small sums are involved.
  • There may be inheritance tax on the estate which could have been avoided.

Another very important reason for making a will is so that you can decide who you want to look after your children if you have a young family.

If you do not make a will, your possessions will not necessarily be passed on in the way you would choose. This is a particular risk if you live with an unmarried partner.

(Inheritance Provision for Family and Dependants) Act 1975.

The financial conduct authority does not regulate advice and services on estate planning or will writing.

Wills

It should be noted that the information contained in this section relates to our current understanding of the law of England & Wales which is subject to change. Laws in other parts of the UK will differ.

What happens if you don't make a will?

Everything you leave when you die, less anything you owe, is called your 'estate'. A will sets out what is to happen to your estate. It is a legal document which, although it can be changed after your death in some circumstances, will normally be followed as written.

Dying without a will (called dying intestate) can cause unnecessary hardship for your survivors:

  • Delays would be incurred in trying to find out whether or not you did in fact leave a will, and in tracing your possessions.
  • Delays would occur in the necessary formalities required before your estate can be distributed.
  • Your next of kin will usually be appointed to sort out your estate, and he or she might not be the best person to do the job.
  • The law dictates who will inherit your estate and in what proportions depending on whether you were married and/or have any children or grandchildren.

The rules do not recognise unmarried partners (although a partner may be able to make a claim on your estate):

  • The law may require legally binding trusts to be set up. These may be unnecessarily restrictive and expensive, especially where only small sums are involved.
  • There may be inheritance tax on the estate which could have been avoided.

Another very important reason for making a will is so that you can decide who you want to look after your children if you have a young family.

If you do not make a will, your possessions will not necessarily be passed on in the way you would choose. This is a particular risk if you live with an unmarried partner.

(Inheritance Provision for Family and Dependants) Act 1975.

The financial conduct authority does not regulate advice and services on estate planning or will writing.

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Echo Wealth Management Ltd is authorised and regulated by the Financial Conduct Authority and entered on the Financial Services Register (https://register.fca.org.uk/s) under reference: 943133.

Registered Address: 9 Fitzroy Place, Glasgow, G3 7RH.

Registration number: SC486212 Registered in: Scotland

The information contained within this site is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

If you have a complaint about your adviser, or any financial advice you have received from your adviser, please contact us.

If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service (www.financial-ombudsman.org.uk)

 

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