Why Make a Will

Why Make a Will

Making a will is not mandatory but a lot of issues can be avoided by leaving one when you die. Your will informs everyone what happens to any remaining finances, property or possessions – in other word your ‘estate’. Here are a number of reasons why making a will can be very beneficial and make things a lot simpler for your loved ones.

Who InheritsIf you don’t create a will, the government will decide what happens to your estate and who will inherit what. It is unlikely that your assets will be divided according to your preference. Under the Law of Intestacy, your possessions will pass onto the Crown (the government) if you are unmarried and have no close family.

If you make a will, you will have control over who receives what and will be able to avoid arguments that might ensue if things are unclear after you pass.

Tax

If you do make a will then things such as Inheritance Tax will be reduced. This is possibly payable on any property and money that is left behind. Reducing the ultimate cost of things and making things easier.

Executors

Making a will means that you have the choice over who are your Executors. If you do not leave a will behind then your closest family members will need to apply for Letters of Administration. There may be a delay before they are able to deal with your Estate. Making things a lot slower and more complicated than they have to be.

Minors

If you leave any children behind that are under the age of 18, you can make a decision on who should be their guardian when you pass. If you do not write a will, the government will appoint a guardian for your children. Writing a will ensures that you avoid anyone you don’t want raising your children.

Peace of Mind

By creating a will, you are able to enjoy the rest of your life without the worry of the future of your estate or the fear that arguments may start due to confusion.

Making a will can benefit your family and avoid arguments, as well as ensuring minors are placed into the best possible care. It can also be less expensive to write a will and take much less time overall. Creative a will gives you the relief that you have made plans for the future.

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