Making a will is one of the most important steps you can take to protect your assets, loved ones, and personal wishes. Despite its significance, many people delay this task, often underestimating the consequences of not having a legally valid will in place. Here are the key reasons why you should consider making a will.
1. Control Over Your Estate
Without a will, your estate will be distributed according to the rules of intestacy, which are rigid and may not reflect your personal wishes. Under these rules, only close relatives such as spouses, civil partners, and biological or adopted children can inherit your assets. This means that unmarried partners, stepchildren, and friends would be excluded, regardless of your relationship with them.
By creating a will, you can specify exactly who should benefit from your estate, ensuring that your assets are distributed as you desire. You can also make provisions for individuals or organisations, such as charities, that might otherwise be overlooked.
2. Appoint Guardians for Minor Children
If you have children under 18, a will allows you to appoint legal guardians to care for them in the event of your death. Without this provision, the decision about who will care for your children could be left to the courts, potentially leading to outcomes that do not align with your wishes. By naming guardians in your will, you can ensure your children are raised by the people you trust.
3. Minimise Family Disputes
A clear and well-drafted will can help reduce the likelihood of disputes among your family members after your death. Without a will, disagreements can arise over who should inherit what, potentially leading to prolonged and costly legal battles. By explicitly stating your intentions, you provide clarity and prevent unnecessary conflict.
4. Tax Efficiency
Inheritance tax can take a significant portion of your estate, with the standard rate being 40% on the value above the tax-free threshold. A will allows you to plan your estate strategically, using exemptions and reliefs to minimise the tax burden. For instance, leaving assets to your spouse, civil partner, or a registered charity can reduce or eliminate inheritance tax liability.
5. Provision for Digital Assets
In today’s digital age, many people own digital assets such as online accounts, cryptocurrencies, or intellectual property. A will enables you to outline how these assets should be managed or distributed, ensuring that nothing is overlooked.
6. Peace of Mind
Finally, having a will in place provides peace of mind, knowing that your affairs are in order and your loved ones will be taken care of according to your wishes. It’s a responsible and considerate act that can alleviate stress and uncertainty for your family.
Conclusion
Creating a will is not just for the wealthy or elderly; it’s essential for anyone who wants to ensure their wishes are respected and their loved ones are protected. We are available to help you navigate any legal complexities. Don’t leave your estate—and your loved ones—to chance. Take control of your future by making a will today.
Contact Kathryn on 01702 348384 or kathryn@beechamfisher.co.uk
