10 Reasons why making a Will is the smartest decision you’ll ever make.
Will making is big news at the moment but to help convince those who are delaying or even having doubts about writing a Will, we’ve listed 10 very good reasons why you should stop putting it off and start making decisions.
1. A Will puts you in control.
You choose who will benefit from your estate and what they are entitled to. You also decide who will administer your affairs after your death.
2. If you don’t make a Will then you die intestate and the law will decide who benefits from your estate.
Intestacy laws are complicated. The law sets hierarchy of who is able to handle your financial affairs after death, and that can lead to problems if the person is not suitable because of age, health, geographical location, or for any other reason.
3. When you make a Will through a suitably qualified legal adviser the chance of a problem or dispute arising after your death is reduced.
Disputes are common when someone dies without a will, as certain people are entitled to apply to court to challenge the provision made by the intestacy rules, if they deem it unfair. For example, a long standing unmarried partner would receive nothing under the intestacy rules, so may have to consider making an application to a court to be awarded a share of the estate. There is huge stress and expense attached to such claims.
4. Courts are generally more reluctant to interfere in the provision made by a Will than that provided for by the intestacy rules.
It’s not unheard of for people to contest a Will but courts are a lot more reluctant to intervene when there is a Will prepared, signed and witnessed properly which expresses your wishes.
5. It is quicker, cheaper, and less stressful to administer an estate where there is a Will.
Dying without a Will can be very expensive and time consuming and if you die instestate a number of searches have to be taken out, at the expense of your estate, to trace and inform any living relatives you have following your death.
6. A will also enables you to preserve assets for beneficiaries.
If you own property or a business then making a Will which deals with each of your assets allows the person you want to receive it, receive it. The intestacy rules provide for a division of your whole estate, so, if more than one person is due a share, this can necessitate the sale of all assets dissolving businesses and leaving the beneficiary you wanted with nothing.
7. A will can be used to ensure you make provision for those that need it, whilst protecting assets for other beneficiaries by creating Trusts, especially if you have children from a previous relationship.
For example, married couples can very easily set their wills up to protect a share of their home from being used to pay for care fees. This will give them the comfort of knowing the property is available for the survivor to live in for as long as it’s required. Equally, for couples who each have children from previous relationships, a trust can be used to ring fence a part of the estate for those children.
Otherwise, the intestacy rules may result in all the marital assets being passed down to the surviving spouse, with the children of the first spouse getting nothing. This, in effect, produces a lottery, with the prize going to the children of the second spouse to die.
8. A properly drafted trust in your Will could ensure that your beneficiaries would not lose their state benefits.
If any of your beneficiaries are disabled or vulnerable, a properly drafted trust will ensure that their inheritance is looked after by the right people on their behalf and allow them still to receive their state benefits. If you die instestate then a court appointed deputy may be appointed to look after their share which is costly and time consuming.
9. You can record your funeral wishes in your Will
Funeral wishes aren’t a topic people find easy to discuss with their friends and family, so expressing your views in a will can provide very helpful and practical instructions for those you leave behind.
10. If you have young children a Will is the best place to record your wishes as to who will look after them following your death.
You decide who will take care of your minor children. A Will allows you to make an informed decision about who should take care of your minor children. If you die instestate, the court will take it upon itself to choose among family members or a state-appointed guardian. Having a Will allows you to appoint the person you want to raise your children or, better, make sure it is not someone you do not want to raise your children
Bespoke Will Writing Services
Don’t leave anything to chance – get in touch with us today for further information regarding our Will writing service. Our team of expert legal advisors can professionally draft your Will for you, or aid you in reviewing your Will as it stands.
To make an appointment, or simply to speak to a member of the team, call us free on 03333 034 680. We’re still working and able to prepare and witness your Will in accordance with social distancing guidelines.