Making a Will is one of the most important things that you can do to protect your family. Did you know that if you live in England or Wales and die without a legally valid Will, the government will decide who gets what? Making a will is imperative if you want to ensure your wishes are carried out and your loved ones inherit your estate. Here are 8 reasons why you should make a will today:
1. Avoid Intestacy
If you die without making a Will, known as dying intestate, then your assets will be distributed according to the rules of intestacy. This will mean that the people you would like to receive your estate may not necessarily inherit it.
2. Appoint Executors
Executors are the people you choose to carry out your wishes and manage your estate once you have passed away. They are responsible for collecting in your assets, paying any debts and funeral expenses and transferring any gifts to your beneficiaries. If you write a Will you can appoint people who you know and trust to act as your executors.
3. Appoint Testamentary Guardians
If you have minor children, you may wish to make provision in your Will for who would care for them if you were to pass away. A Will allows you to appoint guardians you trust and who your children are familiar with, offering you peace of mind. How you would like your children to be brought up can be explained in a letter of wishes accompanying the Will.
4. Provide for the People You Care About
A Will allows you to make gifts to individuals who you care about and want to provide for, even those individuals who would not inherit under the rules of intestacy. If you and your partner are unmarried or not in a civil partnership they will only inherit property that you own jointly if you die without a Will. Making a Will allows you to provide for them.
5. Make Funeral Arrangements
Within your Will, you can make your desired funeral arrangements known. This can include whether you want to be buried or cremated, where you want the funeral to take place and even whether you want flowers at your funeral or donations to a charity you’re passionate about in their place.
6. Manage Inheritance Tax
A carefully drafted Will can help mitigate the amount of inheritance tax you pay on your estate.
7. Gifts to Charity
In your Will, you can leave a legacy to any charities that you have supported or feel passionately about. Any charitable gifts you make in your Will are also free from inheritance tax.
Through the use of trusts in your Will, you can protect your assets such as your family home for your children while still providing for your partner during their lifetime. You can also use trusts to hold assets on behalf of a child until they reach a certain age, or to protect a beneficiary from their own improvidence.
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If you would like to talk to us about making a Will, please get in touch using the button below. We have over 30 years of experience in Estate Planning and we can help you to put all of your plans in place to give you total peace of mind.