Why make a Will?
It is important for you to make a Will, not matter whether or not you consider you have many possessions or much money. Here we set out five main reasons why it is essential to make a Will.
1. Provide for your loved ones
Making a will is the only way to ensure that your assets are distributed as you would wish after you pass away. This is particularly important if you have loved ones that you want to provide for.
If you pass away without leaving a will, your estate will be distributed in line with the laws of intestacy. The intestacy rules do not account for modern family structures or take into account your personal circumstances. As a result, if you wish to provide for children, stepchildren, a partner that you live with or any other person it is essential that you make a will to reflect your wishes.
2. Leave a gift to charity
Most charities rely on gifts and donations to survive. If there is a particular cause or charity you believe in, you may wish to consider leaving them a gift in your will. Special gifts can also be left to certain people of choosing before the residual of the estate is distributed to your beneficiaries.
3. Protect your assets
A big part of the will-making process involves estate planning and protecting your wealth for future generations. When you make a will, you can structure your estate in a way which is tax-efficient and ensures you leave behind as much as possible for your loved ones.
4. Avoid family disputes
No one likes to think that their family will become involved in a dispute, but a death in the family is a highly sensitive time. If it has not been made clear who you wish to inherit from your estate, or where an important person in your life has not been provided for, you may be leaving your loved ones in a difficult situation. In the most challenging cases, court action may be necessary to secure provision for dependants which can be costly and a long process. The best way to protect your family from potential disputes is to draft a will and discuss your wishes with them.
5. Choose the people you trust to handle your affairs
In your will, you can set out who you wish to be the executors of your estate. You should choose people you trust, but also those most capable of carrying out the role. For example, you may need a digital executor to manage your digital assets and online accounts, so this should be someone who is confident with technology.
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