Single Person’s Will
If you are single it is still important to make a Will to ensure that your wishes are carried out when you pass away. There are many good reasons to do so.
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Single? Need To Make A Will?
If you are single it is still important to make a Will to ensure that your wishes are carried out when you pass away. There are many good reasons to do so. These include the following:
1. Peace Of Mind A properly made Will provides peace of mind, knowing that your family and friends will not be subjected to any expense or complex issues that may result from intestacy (if you do not make a Will).
2. Avoid Disputes If you make a Will, this avoids any disputes that could arise between your surviving relatives over who has the right to administer and benefit from your estate.
3. Protect Your Partner You can make provision for your partner or any other individual who might be living with or might be dependent on you (for example your common law spouse or an aged relative). If you do not make a Will, they could lose out.
4. Provision For Children Provision can be made for any young children that you have to be financially looked after (if you do not make a Will, there are sometimes restrictions placed on how assets are dealt with and looked after for young children). You can appoint relatives or close friends to be guardians of your children to ensure they are properly looked after.
5. Make Provision For Close Friends You may not have a partner or any children and you may want some of your close friends to benefit from your estate. Making a Single Will, will enable you to do that.
6. Charities If you have only limited family and friends you might want to consider leaving some of your estate to charity.
7. Executors And Trustees You can choose the executors and trustees of your Will (the people who deal with the administration of your estate).
8. Funeral Arrangements You can include details of any specific funeral arrangements that you would like.
9. Gifts And Legacies You can leave any specific gifts of money or items to relatives, friends, and charities.
10. Convenience You can make a Will online in the comfort of your own home.
11. Tax Savings You can prevent having to pay Inheritance Tax and leaving lifetime savings, property and belongings to the Inland Revenue.