The Importance of Making a Will
The Importance of Making a Will
Although death is a subject most of us avoid thinking about, a Will is essential to ensure your family are cared for when you die.
What Is a Will?
A Will is a legal document that outlines what will happen to your finances and belongings when you pass away. It will also set out childcare arrangements, along with provisions for any pets.
Those who die without making a Will fall under the rules of intestacy. This means that your assets will be distributed according to the law, which might not necessarily follow your wishes.
Many steps must be followed to ensure the Will is legally binding, which is why seeking independent legal advice is always recommended.
The Benefits of a Will
There are many benefits to a properly drafted and legally watertight Will.
Helps Minimise Inheritance Tax
Inheritance Tax (IHT) is the tax payable upon your estate when you die.
Every individual is afforded a £325,000 allowance, but every penny above that value is taxed at 40%. The value of your estate will consider every asset you own, including property, possessions, bank accounts and investment portfolios. Inheritance tax often forces loved ones to sell property, as the balance must be paid within six months of death.
A solicitor can help you rearrange your finances in the most tax-efficient way. This will help your family reap the most from your hard work when the inevitable happens.
A Will Helps Prevent Disputes
It is an unfortunate reality that many families have huge fights when a loved one dies.
This isn’t necessarily due to greed, but because many loved ones have differing opinions of how you would have best liked your wealth to be distributed.
A Will clearly states precisely how you would like your money and possessions to be allocated, whether you choose to leave assets to family, friends, or charity.
It may be likely that multiple people will attempt to claim on your Will. This is often the case where people have been married numerous times and have children with different partners. This is now extremely common in the UK, and a solicitor will draw up a legally binding arrangement in accordance with your wishes.
Another significant benefit of a robust Will is that it allows you to explicitly outline what you would like from your send-off and set aside money to cover the cost.
Understandably, many families never discuss what they would like from their funerals, and therefore their loved ones are at a loss upon their death. Provisions in the Will can remove a considerable amount of stress at an already tragic time.
A Will Gives You Reassurance
You can find many blank Will templates online, some of which are incredibly cheap. While a Will can be created without a solicitor present, this is a hugely risky option.
Your Will is in place to distribute what you have likely spent a lifetime working towards, and cutting corners with a DIY version can be catastrophic.
There are many elements of a Will necessary for it to be binding, and the omission of a seemingly insignificant signature or clause can render the document useless. A solicitor will ensure the document is legally correct and can handle storage should you wish.
How Roper James Can Help
A Will is crucial for every person in the UK, but it is imperative if you have any unusual circumstances. These might include owning businesses, having residences in other countries, or the need to make provisions for adults who cannot care for themselves.
A Will is a small price to pay for the security of knowing your family are protected upon your death, and many are pleasantly surprised to learn that Roper James offers single Wills from as little as £185 plus VAT.