Wills and Planning Ahead
Expression of Wish: What It Is, Why It Matters, And How To Get It Right
Summary
An expression of wish is a document that allows you to say who you would like to receive the benefits from your pension or life insurance policy when you die. It's not legally binding, but it strongly guides pension trustees or insurance providers when they make decisions about distributing your assets. While making a will is often the first step in estate planning, an expression of wish plays an important role when it comes to pensions and life insurance. These benefits don't automatically fall under your will; instead, they are often managed separately by pension trustees or insurance companies. Without an expression of wish, these entities may have to decide who receives the benefits based on their own criteria, which might not align with your intentions. As such, an expression of wish complements other estate planning tools like wills and trusts, ensuring that no party of your estate is left to chance. Whether you're just starting to think about your estate planning or revisiting it after a life change, this guide will walk you through the importance of an expression of wish, how to complete one, and the potential consequences of not having it in place. A will typically covers.
Key information
- Clearly state the full names of the people you want to receive your benefits;
- Indicate your relationship to each beneficiary, such as spouse or child;
- If you are naming more than one beneficiary, specify what percentage of the benefits each person should receive;
- Consider including contingent beneficiaries, who would receive the benefits if your primary beneficiaries are deceased at the time of your death.
- Change in financial situation.
- An expression of wish is a document that allows you to say who you would like to receive the benefits from your pension or life insurance policy when you die.
- It's not legally binding, but it strongly guides pension trustees or insurance providers when they make decisions about distributing your assets.
- While making a will is often the first step in estate planning, an expression of wish plays an important role when it comes to pensions and life insurance. These benefits don't automatically fall under your will; instead, they are often managed separately by pension trustees or insurance companies. Without an expression of wish, these entities may have to decide who receives the benefits based on their own criteria, which might not align with your intentions.
- As such, an expression of wish complements other estate planning tools like wills and trusts, ensuring that no party of your estate is left to chance.
- Whether you're just starting to think about your estate planning or revisiting it after a life change, this guide will walk you through the importance of an expression of wish, how to complete one, and the potential consequences of not having it in place.
- A will typically covers all of your assets, including property and money. However, an expression of wish is more limited in scope, focusing specifically on your pension benefits and life insurance policies.
- A will is also legally binding, meaning that the executors of your estate are required to follow the instructions laid out in it. An expression of wish, on the other hand, is not legally binding, but it strongly influences the decisions of trustees or insurance companies.
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This is signposting information from the Legal Shaman wiki, not legal advice. Always consult a qualified solicitor for your situation.