Having a well thought out will in place is probably one of those overlooked tasks that people are quite happy to live with. Well in fact, according to new research conducted by Royal London, 54% of adults in the UK do not have a will.
As we are experiencing the effects of a global pandemic and the sad loss of so many lives, our thoughts are drawn to “protection”. We protect ourselves as we go about our daily lives by wearing face-covering and washing hands but the above statistics can only improve as we bring ourselves to think about protecting our family and loved ones too.
The Importance of Having a Will
You have acquired property and assets over the years by working hard and paying taxes. A will is the best way to ensure that your hard-earned wealth passes to your intended beneficiaries. If you do not currently have a will or your will needs to be updated, you may want to consider the following reasons why you should make a will:
- A Will informs your family members and other people in your life how you would like your money, property, assets, and other possessions that you own to be dealt with in the event of your death. In this way you can be sure that your property passes to exactly the people that you intend to receive and that your family/friends will be able to carry out your wishes.
- Your will can also tell your loved ones about your other wishes, such as instructions for burial, cremation, or your funeral preferences in as little or as much detail as you like.
- A will makes it easier on your loved ones, both in carrying out your wishes and in dealing with the whole probate process. Losing a loved one is an emotionally devastating time. When there is no will in place, the entire process is more complicated and takes longer to resolve. Having a will there gives everyone around you the peace of mind that you have taken care of things and they just need to act out your wishes. This is especially so when you have a spouse, children, or other family members depending on you for their care and support, a will is essential to make sure your loved ones are provided for, according to your wishes.
- But what happens if you die without a will? Unfortunately, your property and assets are then distributed according to the rules of intestacy. (link) These rules may not be aligned with your own personal preferences about who should receive what and when? If there are no qualified family members, assets may pass to the Crown. A will can prevent these things from happening.
- If you plan to leave any money, property, or possessions to someone outside of your immediate family, a will is necessary. A carefully planned will can help reduce the inheritance tax that must be paid on an estate if it is a taxable one. Many people have successfully used wills to minimise taxes. There are a few methods that can be used for tax planning purposes or better known as Estate Planning.
- If you don’t have a will or it has been many years since you last made a will, take the time to make sure everything is in place. Contact us for a free Will review.
Events that prompt us to make a will
There are certain times and changes in our situation that would require us to make or alter a will. For example,
- marriage, separation, divorce,
- having a child,
- a serious medical diagnosis,
- or have another major life change, these will all require us to think about having a will in place or updating a current will.
A will provides a legal document that will appoint a guardian for your children, protect a disabled loved one, and make certain that the people in your life receive the inheritance you intend for them.
One of the main reasons why people are hesitant to making wills is that they do not like to think about their death. I would agree that it is not very pleasant but by not making a will you risk leaving your loved ones without clear instructions. A will eases the difficulty on the family by providing clear direction about your wishes for everything from your funeral wishes to how, and to whom, your possessions will be distributed. In addition, there are tax planning methods that can be used for asset protection.
If you have put off making a will because you think the process is complicated, you may be surprised at the ease of the whole process. You complete a questionnaire or interview to state your wishes and our specialists will explain our will writing service to you. A draft will can be produced in just a few days. The will must be signed in front of witnesses to be legally binding. You can read more in the guide on our website about how to make a will in UK.
Call now for more details on 0203 004 8269
