A will is a legal document that contains your instructions as to what should happen to your possessions, money and property (otherwise known as your estate), after you die. It is important to create a will because if you do not, the law will determine what happens to your estate.
But why else is it vital for you to make a will? Here are our top 5 reasons:
1) It makes it easier for your family
A death in the family is one of the worst things that we go through in life. Between planning the funeral, the grief and sorting out the estate, it is an emotionally turbulent and stressful time. Without a will, this process can be a lot more time-consuming. The estate can end up being automatically left to an estranged family member, resulting in lengthy legal battles from remaining family members trying to claim back some of what was left behind.
2) It can reduce Inheritance Tax
Creating a will can help reduce the amount of Inheritance Tax that will be payable from your estate. Having no will can result in your estate receiving a larger inheritance tax bill, leaving less for your loved ones to inherit.
3) It puts you in control
Making a will puts you fully in control of what happens to your estate. You can divide up your possessions between your family and friends, preventing fights and tension between your loved ones after you die. If you have recently become estranged from a husband or wife, they will still be first in line to inherit from you if you leave no will. It is important to create a will, just in case you die before your divorce is finalised.
4) If you have children, you can nominate who you want to look after them
If you have children, your will allows you to name the people you want to take care of them. Without a will, Social Services and the Court will make this decision, and it may end up being someone that you do not approve of. This is important, especially if you are no longer with the other parent of your children. You can also outline any wishes you may have about how they should be brought up.
5) You never know what might happen
The main reason that many people do not have a will is procrastination: the feeling of ‘I don’t need one yet, I’m too young’, or ‘I’ll get around to it later’. It is important to make a will, just in case the worst should happen. Don’t forget, you can change your will at any point in your life. Life events such as births, deaths and divorce can result in a change of circumstances. You should review your will whenever one of these events occurs, and update it if necessary.
What should you do?
At Hill and Company Solicitors, we have decades of experience in drafting all types of wills, from simple husband and wife, mirror wills to more complex wills incorporating advanced inheritance tax planning. We provide a highly competent and tailored service to every client. Contact our expert team of specialists today by clicking here.