The Top 10 Reasons To Make A Will
Making a Will is something many of us tend to put off. It’s easy to think “I’ll get around to it later” or assume that everything will magically fall into place when the time comes. But the reality is that a Will is a crucial step in ensuring that your loved ones are looked after and that your wishes are respected. In this post, we’ll explore the top 10 reasons you should make a Will, and why it’s not as daunting as it might sound!
1. Make Sure Your Wishes Are Honoured
Let’s start with the obvious one: having a Will means that you, not the law, get to decide what happens to your estate. Without one, the government’s intestacy rules will dictate how your assets are distributed. These rules might not reflect what you’d want, and could leave out important people or causes you care about. A Will is your chance to make sure your wishes are crystal clear.
2. Avoid the Intestacy Trap
Dying without a Will (also known as dying ‘intestate’) puts your estate at the mercy of strict legal rules. For example, if you’re married, your spouse might not automatically inherit everything. And if you’re in a long-term relationship but unmarried, your partner won’t inherit a penny unless they’re included in a Will. Having a Will means you control where your money and possessions go.
3. Choose a Guardian for Your Children
If you have children under 18, making a Will lets you name someone you trust as their guardian, in case something happens to you. Without a Will, the courts will decide who should look after your children, and their choice might not be the same as yours. Taking this step now ensures your children are cared for by someone you know will love and support them.
4. Cut Down on Inheritance Tax
Nobody wants to think about taxes, but if your estate is over a certain value (currently £325,000), your beneficiaries might be hit with a hefty inheritance tax bill. Making a Will gives you the chance to plan ahead and reduce the tax burden, potentially through gifts, trusts, or other clever legal strategies. It’s a great way to make sure more of your hard-earned assets go to the people you love.
5. Provide for Your Unmarried Partner
If you’re living with a partner but aren’t married or in a civil partnership, you might be surprised to know that they won’t automatically inherit anything when you pass away. A Will ensures they’re provided for and can continue to live the life you’ve built together.
6. Take Care of Your Digital Life
In the digital age, your online presence is part of your legacy. From social media profiles to online bank accounts and even cryptocurrency, your digital assets need to be considered too. A Will allows you to leave instructions on how these should be managed or distributed, helping to protect your digital footprint and make life easier for your loved ones.
7. Avoid Family Fallouts
Even the most tight-knit families can be torn apart by disputes over inheritance. When things aren’t clear, emotions run high, and people might not always act in the most rational way. A clear, well-written Will can prevent disagreements by outlining exactly how your estate should be divided, ensuring everyone is on the same page and reducing the risk of family drama.
8. Leave a Legacy to Charity
If you’re passionate about a cause, a Will is a great way to leave a lasting impact. You can choose to leave a portion of your estate to a charity or organisation that’s close to your heart. Not only does this help them continue their good work, but it can also reduce the inheritance tax on your estate – a win-win for everyone involved.
9. Pick Your Own Executors
The executor of your Will is responsible for making sure your wishes are carried out, from distributing assets to settling debts. By making a Will, you can choose someone you trust to take on this important role. Without a Will, the court will appoint someone, and they may not be the best person for the job.
10. Peace of Mind for You and Your Loved Ones
At the end of the day, making a Will gives you peace of mind. Knowing that everything is in place, your loved ones are protected, and your wishes are clear will help you sleep easier at night. It also saves your family from having to navigate a potentially complicated and stressful process at an already difficult time.
Final Thoughts
Writing a Will may not sound like the most exciting task, but it’s one of the kindest and most practical things you can do for your loved ones. It doesn’t have to be complicated either – in fact, it can be quite straightforward with the help of a professional. Whether you’ve got a small estate or large assets, a Will ensures that everything goes where you want it to, sparing your family unnecessary confusion and heartache.
So, don’t put it off any longer – making a Will is easier than you think, and you’ll feel so much better knowing that your wishes will be followed, no matter what. Take control of your future and start planning your Will today!
Why choose ELM?
Having assisted over 30,000 clients across England and Wales with their Wills, probate matters, and power of attorney arrangements, we know how crucial it is to get things right. Our friendly team is dedicated to providing personalised advice tailored to your needs. Whether you need help drafting a Will, managing an estate, or minimising tax liabilities, we’re by your side every step of the way.
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For more information on probate, Wills, or estate planning, call us at 0117 952 0698 or submit a free, no-obligation enquiry.
