Top 10 Reasons to Write a Will
Writing a Will is something that many people often don’t consider. In fact, it is estimated that three in five adults in the United Kingdom do not have a Will. Have you thought about writing your Will or considered what would happen in the event of your passing? Below we highlight the top ten reasons to write a Will:
Appoint a Guardian
If you are a Parent or Guardian of a child under the age of 18, it is vital that you write a Will and appoint a Guardian to care for your child’s needs in the event of your passing. If this is not completed your wishes may not be granted. A court will decide who will look after your children if there is no surviving adult with parental responsibilities.
The passing of a family member can be an emotionally challenging time. Without a Will this can often lead to disputes. A Will is a legally binding and clear document declaring your wishes. As a company, we also keep detailed attendance notes of all discussions surrounding your Wills which can be used as evidence in Court as to the reasons behind your choices.
Protecting your Estate for your children and loved ones
Protecting your hard earned money and your Estate is a crucial component of a Will. Whether you want to plan for your children or to protect you assets if you partner were to re-marry, or even to protect your estate from being used to pay for long term care fees, appropriate Trusts are something that can be organised when writing a Will.
Living with a Partner
If you are not married or in a Civil Partnership, but are living with a Partner, a Will is incredibly important to write to ensure that they are provided for in the event of your passing. They are not automatically entitled to the same rights as a married couple. This includes what would happen to a shared home and could help you make adequate provisions for your partner to help reduce the impact you passing will have on them financially.
If you own anything of sentimental value that you would want to pass to a specific person you should write your Will and include details of these gifts. If you are unsure what to give to whom, you may wish to consider leaving your personal effects to your Executors to distribute in accordance with any of your wishes which come to their attention. If you have numerous items to leave a Letter of Wishes may be an appropriate way to detail this. A Letter of Wishes can be changed as often as needed without the cost of re-writing your Will.
Gifts to Charity
If you wish to leave specific gift amounts to a Charity (or multiple) of your choice, having a Will means you are able to clearly state your intentions and wishes. Furthermore, all gifts to Charity are Inheritance Tax exempt and, if you leave enough of your estate to charity, the remainder of your estate could benefit from a reduced rate of Inheritance Tax (36% instead of 40%).
Part of the process of writing your Will involves discussing your assets and liabilities. We help you to understand your current tax position and highlight ways you might be able to reduce any Inheritance Tax liability you may have. This means you will have a clearer idea of the Inheritance Tax your Estate will be paying and how much you may be leaving to your loved ones.
It is a common misconception that if a married person passes away their entire estate passes to the surviving spouse. The only way to ensure your estate passes in accordance with your wishes is to write a Will. Therefore, to guarantee your estate does not fall into Intestacy and your spouse is supported as you wish, a Will is incredibly important.
Wishing to exclude a person from your estate
If you make the decision that you do not want a particular person to inherit from your estate then you should write a Will. Although there is no way to prevent a person making a claim against your estate, but our specialist knowledge and practical advice can help prevent the chances of that person’s claim being successful.
Skipping a Generation
If you feel that your children are financially secure and don’t need to inherit from your estate and you instead want to leave your estate to your grandchildren to help them, for example, with university fees or with buying a house, then it is imperative you write a Will.