With protection from British Seniors, you can feel confident that your loved ones will have some financial help in place when you die. That means you can take action while you’re still earning (or recently retired) to address the costs of a funeral and any other expenses. Our cover provides much-needed peace of mind, so your family won’t be struggling to meet urgent bills in their most difficult time.
And it is a difficult time. It’s not just the bereavement your loved ones have to cope with. Any debts or bills you’ve accumulated as a family are still due - and now there’s one less breadwinner.
The companies following up on mortgages, funeral costs and loans might be sympathetic, but ultimately their task is to recover any outstanding debts.
One of the most common concerns we hear about involves inheritance. Without a Will, from a legal standpoint, there is no clear indication in place regarding who will inherit any assets, or have access to accounts and savings.
The last thing you need following the death of a loved one is a long, expensive legal wrangle over their estate. And remember, the bills and loan repayment requests will keep coming. With that in mind, it’s essential to write a will.
What is a will?
You might know who your next of kin is or have discussed with your family how any assets will be divided once you’re gone. But until it’s written in black and white with your signature, there’s no guarantee that your wishes will be followed.
Lots of things can happen. Details are misinterpreted or promises misunderstood. Claims on your estate can come from unexpected family members. None of us should ever underestimate the damage a dispute over an estate can do to a family, but it’s all too common, especially with many of us either choosing not to marry, or remarrying after a divorce.
Why is a will important
Without a will, your estate is administered by an Executor, who may have no knowledge whatsoever of your family or any incentive to guarantee their best interests.
In fact, their loyalty is more likely to be towards any financial or legal claims on your estate before any assets are shared.
Especially if you own property, a will is essential in ensuring that it passes seamlessly to the person you had in mind, rather than being sold and divided up among those you didn’t. That’s not what you worked hard for, and it couldn’t be easier to protect your assets.
What other things can a Will do?
When you draw up your own will, you are in control. You can name an Executor you are familiar with, appoint any guardians for your children if necessary, and put property or assets in trusts to minimise inheritance taxes and duty.
Above all, you can discuss all these issues personally, so that when the time comes, there are no uncomfortable surprises or revelations.
Where there’s a will, there’s a way
When you take out Over 50 Life Insurance or Seniors Term Life Insurance with British Seniors, you’ll get a free Will Kit sent out to you. It gives you clear instructions on putting your affairs in order and transferring your assets according to your exact wishes when you die.
You can also update your will at any time as your circumstances change - our self-help kit walks you through the entire process.
You also have the option of putting your policy into a trust, which comes with its own legal jargon. In both cases, you’ll find British Seniors help you cut through the red tape to restore your peace of mind.