5 Reasons why you need to make a Will

If you’re young and healthy, it’s likely you haven’t thought about making a Will. The majority of people haven’t, though making a Will can offer some real benefits for both you and those around you. Some of the most important things to consider in the process of making a Will are the welfare of your family and the disposal of the assets and wealth you would have worked your whole life for. Making a will is a responsibility you owe to both your family and yourself.

Many people avoid making a will as they are reluctant to think about their death. Like life insurance, making a Will is a way of providing for your family in the event of you dying. Wills are also a great way of acknowledging charities, organisation and those who may not be related to you.

When making a Will, you will need to choose an executor or executors. An executor is a person named by the maker of a Will to carry out the instructions.

Wills are particularly important for those with young children; a Will is an essential way to name a guardian who will look after them in the event of you dying. Wills can be changed as your life circumstances change, and can be made by anyone whether or not they have significant assets.

A Will that has been legally created and witnessed is difficult to contest and ensures that your final wishes in life will be met. We’ve put together five of the top reasons why you need to make a Will.

1. Divide your assets exactly as you please

Making a Will means you are making sure any of your assets will be divided the way you want. Your will will specify what assets you want to leave to your family, charities, friends or other organisations. Many people like to focus their will on objects with sentimental value rather than monetary. Making a Will ensures all items and objects are left to the individuals of your choice.

2. Protect your Children

Many people make Wills to ensure their children are protected in all circumstances. Those with young children can make sure they have a reliable guardian to take care of the children if they die unexpectedly. If no guardian has been specified in a Will, the Courts could decide who will look after the deceased’s young dependants. Wills can also create trusts for young children to ensure their financial security in later life.

3. Reduce Family Stress

The death of a loved one can be a traumatic experience for several reasons. A Will that has your wishes clearly specified will make things a lot easier for your family. It is surprising how many families encounter conflicts over the division of the deceased’s assets. By seeking to eliminate the chance of any conflict, specifying where assets will be divided and providing financial support or guardianship, your Will enables you to care for your family even though you are no longer there to provide for them.

4. Lower Inheritance Tax

If the estate you are leaving behind exceeds the inheritance tax threshold, it will be subject to inheritance tax after you die. There is legislation in place that allows married couples or those with a civil partnership to use each other’s tax-free allowance as well as other tax-free allowances and reliefs that have been introduced recently including the Residence Nil Rate Band. This could see your tax increase, and could result in significantly reduced expenses for your family and loved ones.

5. Decide what happens to YOU

It’s all very well thinking about what will happen to your family and loved ones after you die, but what about you? It may be morbid, but it’s important to acknowledge important aspects of what will happen to your body once you die. Do you want to be buried? Whereabouts? Or do you want to be cremated? Do you want your body or organs to be donated? Do you want to leave behind any funeral arrangements? The only way those left behind will know what you want is if you’ve written it down somewhere. Burial and cremation wishes in a will are merely wishes and they are not legally bind by the executors.

A Will is a way of letting you protect and provide for your family when you are no longer present to do so. Wills are a way of controlling who will benefit from the resources and assets you have worked so hard for, making it one of the most important things you should do for both you and your family, before it’s too late.

For more information on making a Will, we can help. Contact the nearest office to you so that an appointment can be made for you to see one of our professional Wills & Probate solicitors based there to discuss the preparation of your Will, setting-up of a trust or for help administering an estate.