10 reasons to write your Will
The two overarching reasons to write your Will is to 1, retain control of your assets and 2, protect your family.
So why then have the majority of UK Adults not actually done it? In fact there are 30 million or so people in the ‘this-is-something-we-MUST-get-round-to-doing’ camp, which is scary when you think about it. That’s a LOT of families who don’t have the proper protection in place for any minors or are leaving their share of assets open to any number of potential threats, among many other things. So, if you need a little inspiration to galvanise yourself into Will-writing action here are our top 10 reasons to write your Will.
Who benefits from your estate and by how much. Dying intestate (without a Will) means your estate will be carved up in accordance with the Governments prescribed rules of intestacy. These rules however, don’t account for more complex family situations – step children for instance, are not legally entitled to anything.
Inheritance Tax liabilities. Death and taxes the only two certainties in life (thank you Benjamin Franklin or Mark Twain or Daniel Defoe whoever it was that said that first). Now, we know we all have to pay tax, that’s life. BUT…. you don’t want to pay a penny more than is really necessary now, do you? As reasons to write your Will go, this one is quite attractive!
Legal guardians for your children. According to National Statistics in 2014, 23,200 parents died in the UK, leaving dependent children. If children are under 18 and both parents tragically pass away who looks after them? Worst case scenario they would be taken into care. By naming legal Guardians in your Will you know exactly who will care for you children should the unthinkable happen.
Your share of assets with Will trusts. If you jointly own something with your partner you both own 100%. Meaning that on first passing total owndership is assumed by the surviving partner they are then able to dispose of that asset as they wish. Because it’s theirs. BUT…. if you want to ensure that your children, or whoever you would like to leave it to, will receive their rightful share you will need to split it (not physically!) and place your share in a Trust – read more about the risks to your assets and trusts here.
An inheritance for your grandchildren, step children, god children or any other close friends. We all have friends that are more like family and to be able to leave them something – it could be something that seems inconsequential to anyone else, but would bring them joy and comfort is immeasurable. Without a Will your possessions are not protected at all.
Under the rules of intestacy unmarried partners are at risk of being completely overlooked. As I mentioned earlier the current rules of intestacy do not really account for modern family life. In fact many people get married later in life for tax purposes – as if you are unmarried you cannot pass your nil rate band allowance on to your surviving partner – and also if you die intestate your partner is totally out of the equation. Take our quiz to discover what could happen.
Separated but not yet divorced? Should you die without a Will you estranged spouse could still receive everything. Which is far from ideal…..
Loved ones from unnecessary and totally avoidable stress and upset. Wrapping up an estate when a Will is in place is far easier and less stressful than when there isn’t. Why would you leave your family to deal with complex and potentially costly legal issues when you don’t have to.
Damaging family disputes. With no Will in place the fight over your assets could get ugly. Jimi Hendrix died without a Will in 1970, his £51 million estate is STILL in dispute. Prince, the 57-year-old singer died without a spouse, children or surviving parents, his six siblings are entitled to an equal split. However, five half-siblings have appeared with potential claims raising the possibility of a drawn-out family battle.
Tax free charitable donations… again, NO ONE wants to pay more tax than they absolutely have to.
Personally of all of these reasons to write your Will protecting my daughters future is fundamental. Oh, AND NOT giving the tax man any more money that you have to is pretty compelling!
If these reasons to write your Will find you in a position where you are ready to put yours in place please give us a call on 01322 664885 or email email@example.com and we will arrange for you local consultant to get in touch. With us the whole process takes no more than 90 minutes, you don’t need to provide ANY paperwork and we will visit you in the comfort if your own home. Our Will fee is £125 and we don’t charge any extra for mirror Wills.