Why do I need to make a Will?
Most people who put off making a Will do so for a number of reasons, normally they believe that:
- It is too difficult a task to do.
- The people they want to inherit their assets will automatically.
- They don’t think it’s relevant to them at that moment in time.
In reality none of these reasons and valid and unfortunately you can put off making a Will until it is too late, which can cause all sorts of problems and extra expense for the loved ones left behind. It could also mean that some or all of your assets and inheritance either could go to the wrong person or to the state.
Here at Templar Estate Planning we pride ourselves in making the process of Will making as easy, and as clear as possible for our clients. We will do the heavy lifting for you.
Here are the most common reasons for you to have a Will:
Your own peace of mind
Importantly having a Will gives you peace of mind. Making a Will enables you to plan and instruct exactly what will happen to your assets and estate after your death. This ensures that those you want to benefit actually do so in accordance with your wishes, and avoids any possible disputes over your estate.
Being declared Intestate
Without a Will, you will be declared “intestate”, and your estate will be divided by certain rules set out by the government. This could mean that people you would not want to inherit might do, and more importantly, people you want to could miss out.
The process to settle will also be a lot more difficult for the loved ones you leave behind, it takes time and the possibility of large expense at an already very difficult period in their lives.
If you have children
Having a Will allows you to officially appoint Guardians for your children should the worst happen. This means that someone you trust, and importantly they want to, will look after your children. It should also be noted that if you are an unmarried mother, and you will want the father of your children to look after them, they may not necessarily have the legal right to do so unless you appoint them as a guardian.
Through your Will you can ensure that your children are provided for financially, instructing on how and when they can use their inheritance and also setting up trusts to aid vulnerable recipients if necessary.
You may have other children who are dependent on you who are not part of your blood line – including step and foster children. Without them being included in your Will there is no legal right for them to be beneficiaries should you die intestate.
To say who you don’t want to benefit
You may not want someone in your family to inherit your estate, without a Will and following intestacy rules that person may indeed inherit. This could be anyone from an estranged partner you are still officially married to, a family member who has gone off the rails, through to the partner of a child who you may have questions about…
Whatever the situation, with a Will, you can specifically and legally state who you do not want to benefit.
To ensure your unmarried life partner benefits
If you want your partner to benefit from your estate, either with money or simply the ability to remain in your home (if not jointly owned) – you will need to state this in your Will. There is no such thing as “common law” when it comes to those who will automatically benefit.
Limit the risk of family disputes
A well prepared, robust Will can head off potential disputes and even legal contests regarding your estate.
Avoid unnecessary inheritance tax
There are different ways to minimise inheritance tax. With a Will, you can structure how you leave your estate ensuring that you maximise legally allowed Gov thresholds and minimise the tax bill for your beneficiaries.
Decide who will be in charge of managing your affairs and wishes
Within a Will, you can – or should state who you want to be the executor of your estate, this person or persons will effectively carry out your wishes. It can be quite an onerous task, and it is sensible to pick someone up to the job who you trust. Please note, that you can also choose to have a professional executor service take on the job if you believe that would benefit your loved ones.
Support a charity or organisation
You may have a particular cause that you want to help after you have gone, with a Will you can state exactly what you would like to give.
The whole world seems to have some digital presence be that a social media page and possible online assets from your music to photo collection. More and more people are now stating in their Will how they would like these to be managed after they have gone. This could be as simple as naming a person and providing logins and passwords with instructions on how to manage.
Take a look at the Templar Estate Planning Will writing service