5 Reasons to Write a Will

/ wills and probate

A Will is a legal document that outlines how a person's assets should be distributed after their death. Despite its importance, it is estimated that as much as 60% of the population either do not have a Will, or have not reviewed their Will following a major life event (marriage, death, property purchases, the arrival of children or grandchildren).

Writing a Will may not be the most exciting task, but it is essential. Here are some reasons why:

  1. Ensuring your Wishes are Carried Out

One of the primary reasons to write a Will is to ensure that your wishes are carried out after you pass away. Without a Will, your assets will be distributed according to the laws of intestacy. These laws are a set of rules that determine how your assets will be divided if you die without a will. The rules can be complex, and they may not reflect your wishes. By writing a Will, you can ensure that your assets are distributed according to your wishes.

  1. Protecting your Loved Ones

Writing a Will is also important for protecting your loved ones. If you have children under the age of 18, you can use your Will to appoint guardians for them. This ensures that they will be looked after by someone you trust if anything happens to you. You can also use your Will to provide for your loved ones financially. This can include leaving money to your partner or children, or making a bequest to a charity.

  1. Avoiding Disputes

Writing a Will can also help to avoid disputes between family members after you pass away. If you do not have a Will, your assets will be divided according to the laws of intestacy. This can lead to disputes between family members, particularly if they have different opinions on how your assets should be distributed. The Intestacy Rules can also produce unfair outcomes, that can lead to successful claims against the estate. By writing a Will, you can specify exactly how you want your assets to be divided, which can help to avoid disputes.

Please also see my earlier blog here for more information on avoiding estate disputes at the Will writing stage. 

  1. Minimising Taxes

Writing a Will can also help to minimise the amount of inheritance tax that your loved ones will have to pay. Inheritance tax is a tax on the value of your estate when you die. If your estate is worth more than the inheritance tax threshold, your loved ones may have to pay tax on the excess. By writing a Will, you can ensure that your assets are distributed in a tax-efficient way, which can help to minimise the amount of inheritance tax that your loved ones will have to pay.

  1. Peace of Mind

Finally, writing a Will can give you peace of mind. Knowing that your assets will be distributed according to your wishes, and that your loved ones will be looked after, can give you a sense of comfort and security. It can also help to alleviate any concerns you may have about disputes between family members or the tax implications of your estate.

In conclusion, writing a Will is an essential task for anyone who wants to ensure that their wishes are carried out after they pass away. It can protect your loved ones, minimise disputes, and provide you with peace of mind. If you do not have a Will, it is important to seek the advice of a professional to ensure that your wishes are properly documented.

If you are thinking of writing your Will and would like to have an intial chat about the process and likely costs, please do not hesitate to contact any member of our Wealth Management and Taxation Team.