Why Make A Will?
Perhaps the most important reason to make a Will is to make sure that when you pass on, your estate is administered and distributed the way YOU want.
If you don’t make a Will, you can’t be sure what will happen. Don’t leave it to chance.
There are many reasons why you should make a Will and the most important are detailed below.
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Why You Should Make A Will
Protect Your Partner
This is one of the main advantages of a Will, alone it is a massive reason why if you are living with somebody else in a serious relationship then you must make a Will. You can make provision for your partner who you are living with and may be dependent on you. With no Will they will lose out.
This is especially important if you are not married but have a long term partner. If you die without making a Will, the Intestacy rules apply and there is no provision for unmarried couples.
Peace Of Mind
A properly made Will provides peace of mind, knowing that your partner, family and friends will not be subjected to any expense or complex issues that may result from Intestacy. This will also give you peace of mind that when the time comes, your loved ones will not have complications or disputes over your estate.
Provision For Children
Another important advantage of a Will is for the provision to 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. Whilst the advantages of a Will are many this is a very important one.
Executors, Trustees & Funeral Arrangements
By making a Will, you can decide who will be responsible for administering your affairs after your death and who will be responsible for making sure your wishes are carried out. You should choose people who you know will be suitable and will respect and carry out your wishes.
You can include details of any specific funeral arrangements that you would like for your final farewell. You can detail whether you want to be buried or cremated. You can even specify minute details such as the colour of the flowers.
Gifts And Legacies
You can leave any specific gifts of money or items to relatives, friends, and charities. If you own a family heirloom, sentimental items or valuable jewellery, you may want to make sure that they go to a particular member of your family or friend who will appreciate them.
One of the financial advantages of a Will is you can prevent having to pay Inheritance Tax and leaving lifetime savings, property and belongings to the Inland Revenue.
If your Will is drafted carefully with the assistance of a specialist solicitor, this can have a significant impact upon the level of Inheritance Tax which will be paid. We can assess the position and advise on what steps can be taken to minimise the Inheritance Tax liability.