10 Reasons To Make A Will
A staggeringly high number of adults in the UK do not have a valid Will in place and whilst many people have this on their ‘to-do’ list, there are others who don’t feel they need one. Below we look at ten reasons all adults should have a Will, regardless of their assets or age.
To appoint the best person to deal with your affairs once you have passed away.
Those entitled under the statutory intestacy rules may not wish to act or have the required responsibility i.e any children who inherit cannot legally act as your representative and therefore their remaining parent or guardian would deal with your affairs. Those entitled to administer your estate under the intestacy rules may not get on as a collective and this could cause problems if they cannot agree.
To make sure your children are looked after.
You can appoint guardians in your Will, these are those you would like to look after your children should those with parental responsibility die before they reach the age of 18.
To ensure the smooth running of your business.
You may wish to gift business assets in your Will, it is a good idea to appoint someone who knows your business to deal with the administration of this aspect of your estate so you know someone with the required expertise would be able to handle the management during this period.
To save money on Inheritance Tax.
The Statutory Intestacy rules are not a “one size fits all” and those who are married with children for instance may be creating a problem for the remaining spouse by not creating a Will. This is because the intestacy rules do not leave your entire estate to a remaining spouse and therefore allow for attractive spousal tax exemptions and reliefs. Where there are children, only the first £270,000 is given to a remaining spouse the rest is divided between the spouse and the children. This could also create problems if the family home is valued above £270,000.
To make your intentions clear and reduce family disputes.
Losing a loved one is difficult enough without the added complication of finding out that you do not have the authority to plan their funeral, deal with their affairs or keep their sentimental possessions. When making a Will your loved ones will know that you have made decisions which they will follow and you can even write a statement of wishes alongside your Will and detail the reasons for making particular decisions if you wish.
To confirm your funeral wishes.
This can sometimes relieve the burden of your family members guessing whether you would have wanted to be buried or cremated and what kind of service you would like, or even what to do with your ashes after you have passed away.
If you have a blended family situation your loved ones may not necessarily inherit anything from your estate.
Cohabiting couples who are not married or their children/ your stepchildren do not automatically inherit under the statutory intestacy rules. You therefore must make a Will if you would like to leave anything to these members of your family, a simple occupation protection clause in your Will will prevent a person from being potentially evicted from your home after you have passed away.
To provide for pets.
You can include provisions for your pets within your will to ensure that someone takes care of your pets after you die. You can even leave funds to provide for your pet’s care or leave a letter of wishes outlining how you would like for them to care for your pet.
To support your favourite causes.
Whether charitable or your local church community centre or sports team.
To put your mind at ease.
A Will is your instruction from beyond the grave about how your affairs should be dealt with and when properly drafted by a professional will ensure that your wishes are clear and legally binding. A well drafted Will will ensure that your loved ones will be able to administer your affairs as easily and as efficiently as possible.
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