Two thirds of UK adults don’t have a will in place

Two thirds of UK adults don't have a will in place

Studies have shown that nearly two thirds of UK adults have not prepared a Will. Meaning possessions, money, property and even dependent children could be left with someone you have not chosen

Macmillan Cancer support, who conducted the study, has found that a shocking 42% of people over 55 don’t have a Will in place.

 

Furthermore, a poll suggested that 1.5 million British citizens may have unwittingly made their Will null and void by getting married as marriage automatically revokes a Will made prior to the nuptials.

One in ten people with Wills have acknowledged that they are planning to update their Wills to include children and grandchildren, but are yet to get round to it.

Several other possible errors were found to be common:

  • The Will still includes an ex-partner.
  • A new partner is not added to the Will.
  • Leaving in someone you “planned to remove”

Official guidance recommends that people review their Will every five years and after any major life changes, but a quarter of Wills have not been updated for at least five years.

Previous research from Macmillan found that people’s top reasons for not having a Will included them having “just never got round to it”, as well as the belief that they don’t have anything valuable to leave and that they don’t need to write one until they’re older.

This can be particularly important where:

  • you share a property with someone who is not your husband, wife or civil partner;
  • you wish to make provision for a dependant who is unable to care for themselves;
  • there are several family members who may make a claim on the Will, for example, a second wife or children from a first marriage;
  • your permanent home is not in the United Kingdom;
  • you are concerned about the possible impact of care fees;
  • Inheritance Tax could potentially be an issue for your estate;
  • you are a resident in the UK but there is overseas property involved; and
  • there is a business involved.

Make sure your Will is legally valid. Likewise check your parent's or partner's Wills are 100% up to date.
Ascot Estate Planning offers a FREE Will review to ensure your Will achieves everything you hope it does.

Ascot Wealth Management Limited is authorised and regulated by the Financial Conduct Authority reference 551744. Our registered office: Scotch Corner, London Road, Sunningdale, Ascot, Berkshire, SL5 0ER. Registered in England No. 7428363. www.ascotwm.com Unless otherwise stated, the information in this document was valid on 3rd February 2017. Not all the services and investments described are regulated by the Financial Conduct Authority (FCA). Tax, trust and company administration services are not authorised and regulated by the Financial Conduct Authority. The services described may not be suitable for all and you should seek appropriate advice. This document is not intended as an offer or solicitation for the purpose or sale of any financial instrument by Ascot Wealth Management Limited. The information and opinions expressed herein are considered valid at publication, but are subject to change without notice and their accuracy and completeness cannot be guaranteed. No part of this document may be reproduced in any manner without prior permission. © 2017 Ascot Wealth Management Ltd. Please note: This website uses cookies. To continue to use this website, you are giving consent to cookies being used. 

Company News – AWM Is Going Digital



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AWM is Going Digital

You may have noticed that our Social Media pages have been more active in recent weeks.

More and more people are joining Social Media sites every day, and no, it’s not just for teenagers anymore.

Studies have shown that 78% of adults between the ages of 30 and 49 have at least one social media account and 64% of people between the ages of 50 and 64. There are more than 3 billion active users on social media. Are you one of them?

We see this as an opportunity to connect with our clients and facilitate a swift exchange of information.This means that you can now contact us through any of our social media pages, that’s right, you don’t even have to interrupt your scrolling! We share relevant and up to date information about the company and other newsworthy events. The clients who are following us on social media have received information such as

‘What’s the right emergency fund amount’,

‘5 Ways to teach your child about saving money’ and ‘The UK’s four Brexit options’ to mention but a few.

It’s exciting to get to know our clients on a more personal level and have them get to know us. We get to share behind-the-scene pictures and give you a sneak peek of what goes on at AWM.

If you haven’t followed us already, be sure to hit any of the social media links below as you may be missing out on important updates and content.If you are having trouble setting up your Social Media account, ask one of our advisers next time you see them, they’ll be happy to help.

With loads of content opportunities in the near future, be sure watch this space!


Facebook


Twitter


Instagram


Linkedin


CONTACT US

Ascot Wealth Management Limited is authorised and regulated by the Financial Conduct Authority reference 551744. Our registered office: Scotch Corner, London Road, Sunningdale, Ascot, Berkshire, SL5 0ER. Registered in England No. 7428363. www.ascotwm.com Unless otherwise stated, the information in this document was valid on 3rd February 2017. Not all the services and investments described are regulated by the Financial Conduct Authority (FCA). Tax, trust and company administration services are not authorised and regulated by the Financial Conduct Authority. The services described may not be suitable for all and you should seek appropriate advice. This document is not intended as an offer or solicitation for the purpose or sale of any financial instrument by Ascot Wealth Management Limited. The information and opinions expressed herein are considered valid at publication, but are subject to change without notice and their accuracy and completeness cannot be guaranteed. No part of this document may be reproduced in any manner without prior permission. © 2017 Ascot Wealth Management Ltd. Please note: This website uses cookies. To continue to use this website, you are giving consent to cookies being used. 

Pension Advice Vouchers

Pension Advice Vouchers

Did you know you could claim salary sacrifice on up to £500 per annum spent on pension advice?

Launched in November 2017, the pension advice voucher scheme is a government initiative to encourage employees to seek good quality pension advice. The scheme is backed by HMRC and is similar to that of the child care voucher or cycle to work scheme. It would be deemed a non-taxable benefit in kind.

To make use of the tax saving you would need to sacrifice up to £500 of your pay in return for the pension advice voucher. The voucher can then be used on the purchase of pension advice; this can be used on your personal pension planning or related to your workplace scheme.

Your tax bracket will determine how much the pension advice voucher actually costs you, by saving on income tax and national insurance. 

A £500 pension advice voucher could cost the following:

Basic rate tax payer: £340

Higher rate tax payer: £290

Higher earners caught in the tax trap between
£100,000 - £123,000 = £190

Additional rate tax payers: £265

The only provider of the voucher so far is VouchedFor. There has been a slow take up in the scheme. We believe this could be due to a lack of communication, the off putting administrative burden and lastly the potential concern for employer’s that their employee may seek bad advice.

However you are free to choose your financial adviser, this is not selected by the employer. Therefore you can use Ascot Wealth Management and we are here to help.

Below we have broken down the actions required:

1)Employee agrees to sacrifice up to £500 of salary (which would have been taxed).

2)Pension advice vouchers confirm with the adviser that the employee has paid for pension advice, or is committed to.

3)Employer approves request and transfers funds via Pension Advice Vouchers (which is not taxable).

Result:

Employees pay less for pension advice via the tax saving.

Note: Ascot Wealth Management is happy to use this voucher towards future adviser fees. Please get in touch with us if in receipt of a pension advice voucher. 

Ascot Wealth Management Limited is authorised and regulated by the Financial Conduct Authority reference 551744. Our registered office: Scotch Corner, London Road, Sunningdale, Ascot, Berkshire, SL5 0ER. Registered in England No. 7428363. www.ascotwm.com Unless otherwise stated, the information in this document was valid on 3rd February 2017. Not all the services and investments described are regulated by the Financial Conduct Authority (FCA). Tax, trust and company administration services are not authorised and regulated by the Financial Conduct Authority. The services described may not be suitable for all and you should seek appropriate advice. This document is not intended as an offer or solicitation for the purpose or sale of any financial instrument by Ascot Wealth Management Limited. The information and opinions expressed herein are considered valid at publication, but are subject to change without notice and their accuracy and completeness cannot be guaranteed. No part of this document may be reproduced in any manner without prior permission. © 2017 Ascot Wealth Management Ltd. Please note: This website uses cookies. To continue to use this website, you are giving consent to cookies being used.