It may seem like a daunting matter planning a will. However, its important to do so as it allows you to have control over what happens to your property, money, and belongings after you or a relative pass away. Research shows that 59% of adults in the UK have not yet made a will and 65% of which are within the age of 45-54.
There are a variety of factors to consider when writing a will, here are 10 reasons why you should write a will.
- Lessen the stress for your next of kin – Sometimes a death in the family can be sudden and unexpected, the stress of bureaucracy and funeral arrangements can be extremely overwhelming for the next of kin.
- Control your estate – Ensuring that your possessions, property and money are given how you want.
- Decide parental guardianship over your children – If you have children under 18, you can indicate who you want to become their legal guardian.
- Make funereal requests – You are able to decide if you want to be buried or cremated and arrange all the details of your funeral.
- Evade intestacy obligations – If there is no will written by the time you pass, your estate will be divided according to a set of rules.
- Reduce inheritance tax – Making arrangements will ensure that you don’t pay more tax than you owe.
- Offer to organisations – You will have the choice to give to charities and businesses that mean something to you.
- Protect your digital content – This may include online banking, social media accounts and business accounts.
- Avoid arguments – Your wishes will be clearly set out to avoid confrontation within the family.
- Care for your pets – If you have any pets, you can outline who you wish to take care of them.
If you die without a producing a will, what you leave behind becomes subject to intestacy laws and if there are no surviving relatives to inherit then the estate will be dealt with by a solicitor.
Writing a will is not only important for yourself but for your loved ones. If you are considering producing a will but unsure were to start, here at Valentine Duggins we can help you.