There are many beneficial reasons why writing a Will is something you should do...
According to a recent study over half of adults in Britain have not yet written a Will. Passing away intestate, meaning you haven’t made a Will, could result in your final wishes not being carried out. If you’re with a partner but you are not married or in a civil partnership, they could end up not benefiting from your estate and be left with nothing.
It’s not the easiest thing to think about and it can seem a daunting, costly, complicated and morbid task. However, there are many beneficial reasons why writing a Will is something you should do.
The main reasons why you should write a Will
Help your family and friends
A Will would help your loved ones avoid stressful, time-consuming complications and make it much easier for them to sort everything out when you die. It will clearly determine how your estate is handled, according to your specific wishes and help to avoid any family feuds that may arise.
You decide who inherits what
Without a Will in place everything you own would be distributed by the courts – including any bank accounts, property and possessions. This may not fit in with your wishes. So, by making a Will you decide who inherits which assets, from personal items to pets or real estate.
Reduce Inheritance Tax
A Will can enable you to reduce the amount of Inheritance Tax payable on the assets you leave behind. It can also help to avoid leaving behind an unexpected tax bill for your loved ones. You can provide more money for the people you want to receive it, instead of the taxman.
Protect your children
If you have dependent children, you can decide who you wish to look after them should you pass away. A Will allows you to appoint a guardian to care for your children instead of allowing the authorities to make that decision.
If your children depend on you financially, you can ensure they receive something to help them be more secure for the future.
Appointing an executor
One of the most important decisions when drafting a Will is selecting who you want to be in charge of organising your estate when you have passed away. This person is the “executor” of your Will.
The executor will have the responsibility of making sure that the instructions of your Will are carried out – which may include getting the necessary Grant of Probate and dealing with any Inheritance Tax. Whether it be a close family member or a trusted friend, you decide on who you want to be your executor.
How to get a Will
Having made the decision that it is a good idea to write your Will, you should speak to a trusted Will writer. There are plenty of good Will writers who can help you – and it doesn’t need to be expensive.
Your loved ones will be grateful if you have a written Will with clear instructions on how you want your possessions to be distributed when you pass away.