Wills

Why You Should Make a Will When Taking Out Later Life Lending?

Wills

Why You Should Make a Will

When Taking Out Later Life Lending?

1. Ensure Your Wishes Are Honoured: A will is a legal document that clearly states how you want your assets, including any property or funds obtained through Later Life lending, to be distributed after your death. It ensures that your wishes are followed exactly as you intend, providing clarity and direction for your loved ones.

2. Protect Your Family and Loved Ones: By making a will, you can provide financial security for your family and loved ones. You can specify who should inherit your home, savings, and any remaining funds from Later Life lending, reducing the potential for disputes

and ensuring that your loved ones are cared for.

3. Manage Your Debts and Obligations: Later Life lending often involves significant financial arrangements, such as Equity release, Lifetime mortgages, Retirement Interest only mortgages & Home reversion schemes. A will allows you to detail how the plan obligations should be handled upon your death, ensuring that any outstanding debts are paid, and your estate is managed efficiently.

4. Minimize Stress and Conflict: Without a will, your estate will be subject to intestacy laws, which can lead to lengthy legal processes and potential disputes among family members. A well-drafted will minimizes the stress and conflict for your loved ones during an already difficult time, providing clear instructions and reducing the risk of legal challenges.

5. Appoint an Executor: In your will, you can appoint an executor to manage your estate. This person will be responsible for ensuring that your wishes are carried out, including dealing with any Later Life lending arrangements. Choosing a trusted executor provides peace of mind that your estate will be handled with care and responsibility.

6. Plan for Inheritance Tax: Making a will allows you to plan for and potentially reduce inheritance tax. By structuring your estate efficiently, you can maximize the amount passed on to your beneficiaries, ensuring that your financial legacy is preserved.

7. Reflect Life Changes: Life is full of changes, and Later Life lending can significantly alter your financial situation. A will ensures that your estate plan reflects these changes, allowing you to update your wishes as needed to account for new financial arrangements or family circumstances.

8. Provide for Charitable Causes: If you have specific charitable causes you wish to support, a will allows you to make these bequests clearly. This ensures that a portion of your estate can contribute to meaningful causes, reflecting your values and leaving a lasting legacy.

9. Clarify Guardianship for Dependents: If you have dependents, such as minor children or

vulnerable adults, a will allows you to name guardians for their care. This is crucial in

ensuring that your loved ones are looked after by people you trust, according to your wishes.

10. Peace of Mind: Ultimately, making a will provides peace of mind. Knowing that your affairs are in order, your loved ones are protected, and your wishes will be honoured allows you to focus on enjoying your later years without the worry of what will happen after you’re gone.

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Equity Release (Lifetime Mortgage) is a loan secured against your home. To understand the features and risks of equity release, please ask for a personalised illustration.

As a whole-of-market firm, we continue to offer a comprehensive range of equity release (lifetime mortgages) products from across the market.

If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the term of the debt and increasing the total amount you repay.

The actual interest rate and fees charged will depend upon your circumstances.

Unless you decide to go ahead, our service is at our cost. Only if your case completes would our advice fee of a maximum of £1,695 be payable. Other lender & solicitor fees may apply.

At One Stop 4 Equity Release Limited we are committed to providing our clients with expert later life financial advice tailored to their individual needs.

However, for Retirement Interest-Only (RIO) Mortgages, Term Interest-Only (TIO) Mortgages, and Fixed Rate Later Life Mortgages, we have chosen to work exclusively with LiveMore Mortgages. This means that while we consider all available equity release and later life lending options across multiple providers, for these specific products, we will only recommend solutions from LiveMore Mortgages.

If you proceed with a mortgage that requires payments to be made, your home maybe repossessed if you do not keep up repayments on your mortgage.

xInsert Trading Style Name Herex is a trading style of One Stop 4 Equity Release Limited, One Stop 4 Equity Release Limited is authorised and regulated by the Financial Conduct Authority under No: 952887. One Stop 4 Equity Release Limited is a registered company in England and Wales, registration No: 13452621. Registered address: 30 North Street, Bourne, PE10 9AB.