Providing your loved ones with financial security
- AuthorLeah Woodnott
It has recently been reported that when the Queen Mother passed away, she left a substantially larger amount to Prince Harry than Prince William in her will.
The Queen Mother based her decision on Prince Harry’s financial future. She thought that he would need more financial protection compared with Prince William, as when Prince William becomes King, he would be financially set for life.
When considering making or updating your will, it is important that you weigh up the financial needs of your loved ones when considering what part of your estate you should leave to each of your loved ones.
There are different ways in which you can leave gifts under your will:
- Pecuniary legacies which are fixed cash gifts
- Splitting your residuary estate into percentages/shares to different people
- Leaving your estate on trust
Understandably, everyone’s financial circumstances will change throughout their lives and certain life events will also happen which may mean that you would like to leave one beneficiary more than the other.
If you decide to update your will changing the percentages of your estate that you would like to leave to someone, it is important that the reason you have come to the decision is documented correctly to show your wishes, just in case your will is contested in the future.
If you would like to make or update your will then please contact one of our will specialists. I am based in our Colchester office and can be contacted on 01206 217609 or firstname.lastname@example.org.