We all know that we should make a Will and put our affairs in order for when we die. These days our financial affairs are more complicated than ever and yet only around a third of us get around to making a Will. There could be many reasons for this, perhaps you think it will be expensive, maybe you feel that your estate isn’t big enough or simply that you think it’s all a bit morbid thinking about the day you die. Whatever the reason, it may be worth your while spending a little time to consider what might happen to your loved ones and your assets after you’re gone.
To help you, here are six reasons why you need to make a Will:
1. Your estate may include your house, a business, your savings and possibly other possessions. The only way to make sure that these are distributed according to your wishes is to make a Will. If you don’t make a Will then the government will use the Intestacy Rules to decide how your possessions are distributed and so someone who you thought would automatically benefit, actually may not!
2. It could be that you don’t want particular members of your family to benefit from your estate. Once more, this can only be achieved by specifying your instructions in a Will.
3. If your possessions are valued beyond a certain threshold then your estate may be liable to inheritance tax. It is possible to reduce your tax liability by careful planning and making sure that the Will is as tax efficient as possible. A specialist solicitor can help you with this.
4. In the case of a tragedy occurring and you have young children that survive you, then you can specify who you’d like to care for them until they are 18. If you don’t, then your children maybe taken under the wing of social services until the courts make a decision.
5. These days many couples live together without being married. As the law stands, your partner will not be entitled to any part of your estate and could, in a worse case scenario, find themselves without somewhere to live.
6. Ultimately, by putting your affairs in order, you will know that you have you’re your best to care for your loved ones after you have gone.
We’ve only considered a few reasons here as to why it’s so important to make a Will. Even if you’ve got your own important reasons that are specific to your particular circumstances to making a Will, it is great that you are taking the time to find out more. At the end of the day, no matter how simple or complicated your affairs might be, it is essential that you always seek professional advice.