Top 5 Reasons for Making a Will
According to statistics there are a large number of UK adults without a valid will in place. There are many reasons for this, one being a belief that it is something that ‘should’ be done but doesn’t ‘have’ to be done. Some people also feel it is too morbid to think about and therefore avoid the situation entirely. Some believe creating a will costs too much money and others believe they are too young to make a will. All are understandable concerns, but without a will in place it will mean that you die intestate. The law will then determine who can manage your affairs and who should inherit your estate. It is better if you choose these things for yourself!
Here are Pro-law’s top 5 reasons why you should make a will:
1. To avoid a longer probate process. Having a will in place it helps make the probate process speedier. It will be clear who you have authorised to manage your affairs and how your estate should be divided.
2. To ensure that your affairs can be arranged in the most tax-efficient way. With inheritance tax at 40% of the net estate above the nil-rate band you may be concerned to ensure that as much of your estate as possible can go to your chosen beneficiaries, rather than the tax-man.
3. You make the decisions. Making a will means that you have made the decisions on how you wish your estate to be divided, it can help stop family disputes also.
4. Minor children. If you have minor children and do not leave a will the courts will choose family members or guardians to care for your children. By making a will you have the power to appoint the person or people who you would trust to raise your children in your absence.
5. Funeral wishes. You can include your funeral wishes within your will. Although these are not legally binding, and are simply your preferences, it can help your grieving family members understand how you wish to undertake your final journey. Clients have in the past included song choices also and what colours to wear!
We hope this blog helps you consider the question ‘should I be making my will now?’. We understand how hard this first step can be, but we endeavour to make this process as stress free as possible so please feel free to contact us today.