Why do you need a Will?
Writing a Will is something many of us don’t like to think about. It’s an easy thing to put off, and to assume it is just for ‘old people’ In fact, it is estimated more than 65% of the UK population don’t have a valid Will. However, a Will is one of the most important documents you will ever sign. Here’s why:
HELPS YOUR FAMILY
A Will makes it much easier for your family or friends to sort everything when you are no longer here. Without one, your wishes may not be carried out and the process can be much more time consuming, expensive, stressful and upsetting for those left behind.
YOU DECIDE, NOT THE GOVERNMENT
Without a Will, everything you own will be shared out in a standard way defined by law – and this, may not be as you wish. A Will ensures your family and friends receive what you want them to.
REDUCE INHERITANCE TAX
A Will can help significantly reduce the amount of inheritance tax that might be payable on the value of the property and money you leave behind.
Writing a Will is especially important if you have children or other family who rely on you financially, or if you want to leave something to someone outside your immediate family. Essentially, you risk your children being looked after by someone who you would not wish to do so, chosen by the Government.
AVOID FAMILY DISPUTES
With no Will to make your wishes clear, family members often fall out at a time that is already stressful and upsetting.
A Will is the ideal place to document what arrangements you would like to be made for your funeral.
Still not convinced?
HERE ARE SOME OF THE THINGS THAT CAN HAPPEN IF YOU DO NOT HAVE A WILL WHEN YOU DIE
- If you are not married or in a civil partnership, your partner is not legally entitled to anything.
- If you are married your spouse may inherit everything and your children could get nothing. This is also true if you are separated but not divorced.
- What your children/grandchildren receive will depend on where you live in the UK. A Will ensures you choose.
- Far higher interitance tax could be paid if no Will is in place.
- If you have no living relatives at the time of death – the Crown gets everything.