Bronze Plan

Protect yourself with a Will, even in its simplest form.

A Will protects you and your family against intestacy immediately upon signing, and gives you basic control of your assets. A Will, does not take effect until death.

With a basic Will,

If you’re over 18, consider having basic protection, especially if you’re married or have children. It’s also a good idea if you have any assets.

With this protection, you have control over how your assets are distributed, who administers your will, and ensuring your beneficiaries receive what you wanted them to. This way, you can avoid the lengthy and uncertain government process that can leave your family with nothing for a long time.

You also have access to a joint tax allowance against inheritance tax. By doing this, you can make sure you don’t leave a complicated situation for your family to deal with. Typically, your assets will go directly to your partner (if you’re married), but there may be some legal waiting periods. If you are just living together without a Will, your partner may receive NOTHING.

  • You control your asset distribution.
  • You decide who is going to administer the Will (Executor) and ensure the beneficiaries receive what you wished.
  • You avoid the Government’s “one size fits all” Will (Intestacy) where they decide who gets what, and can take about two years to complete probate. Until it is complete, nobody receives anything.
  • You have access to a joint tax allowance of upto £1,000,000 against inheritance tax, or £500,000 if single.
  • You don’t leave a mess your family or partner/spouse/children to sort out.
  • Your assets (usually) pass directly to your partner (unless you’re not married) but may be held in Probate.
  • Joint bank/building accounts pass to the survivor without waiting for probate.
  • You control your asset distribution.
  • You decide who is going to administer the Will (Executor) and ensure the beneficiaries receive what you wished.
  • You can avoid the Government’s default Will (Intestacy), where they determine the distribution of your assets and it can take up to two years to complete probate. Until it is complete, nobody receives anything.
  • You have access to a joint tax allowance of £650,000 against inheritance tax, or £350,000 if single.
  • You don’t leave a mess for your family or partner/spouse/children to sort out.
  • All your assets (usually) pass directly to your married or civil partner but may be held in Probate.
  • Joint bank/building accounts pass to the survivor without waiting for probate allowing access to funds.

However, Basic Planning still leaves problems…

  • In simple planning, probate is quicker to grant, but can take 6+ months.
  • Your loved ones may not manage with no access to their inheritance.
  • If they can’t afford to live where they are, and need to move, they can’t sell or rent your property until probate is granted.
  • Your main asset (usually your home) has no protection whatsoever, especially from Care Fees.
  • If you pass and your spouse remarries, your assets may go to the new spouse and their kids eventually, possibly not yours at all.
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