Wills, Probate, Tax & Trusts
Why you should update your Will before going on holidayAugust 23, 2017
Holiday season is upon us. Passport valid, flights booked, travel insurance arranged… but have you made a Will?
Not to put a dampener on the thought of an exciting, summer holiday, but it's actually quite a good time to make or update a Will.
When booking your holiday you probably do n't think twice about arranging your travel insurance - just in case your valuables are lost or stolen, or you have a medical emergency requiring hospital treatment. But it's less likely to think of making a Will, or ensuring any existing Will that you have is up to date.
Many holidaymakers now travel to more adventurous destinations or take part in thrilling, adrenalin pumping activities: mountain biking, bungee jumping, skiing, and white water rafting, to name but a few. It's great that more people are travelling the world, experiencing different cultures and exciting activities.
The majority of holidays are a very welcome break from the daily grind, but occasionally something goes wrong, and very occasionally that results in the death of a holidaymaker. It is not just the dangerous activities that may result in the worst happening; it may be as simple as a fatal fall, a case of severe sunstroke, or a heart attack brought on by a heatwave.
Your travel insurance will probably cover any medical bills and possibly transport your body home to your loved ones. But, are your affairs in order? Have you left a Will to ensure your property and assets are passed on to whoever you would like to benefit - be it your wife, partner, children, or other?
With more family break-ups, second marriages and live-in partners, your assets may not go to the person or persons you think, unless you make a Will.
It is not just the senior generation that should make Wills, but anyone with children, property or assets, or even a special collection of items that they may want to pass on to a friend.
All age-groups travel. It is common now for people in their 40s, 50s and 60s to take a sabbatical to pursue an extended adventure holiday and travel the world, trying out a variety of activities in countries where safety and medical treatment is not always of a high standard. These age groups are most likely to have both property and assets to be dealt with if the unthinkable happens. That's why I always advise clients to make a Will before you go, just in case.
We can often arrange simple Wills at short notice, if you are going away within the next couple of weeks, but it is best to start preparing your Will in advance of that, particularly if you require extra inheritance tax advice or have considerable and complex assets to leave behind.
Make sure you have a Will in place before you travel – and then have a great time wherever you go with peace of mind.