Why should you make a Will?

Your Last Will and Testament is a document that allows you to choose what happens with your assets when you die.  If you die without a Will in place, your estate will be distributed according to the Rules of Intestacy which leaves you with no real say as to who inherits from you.  You have no say in who receives your assets or even low-value but sentimental family heirlooms

Top 5 reasons to make a Will

It’s believed that 3 in 5 UK adults do not have a Will in place – that’s 60% of the UK population!  Reasons to make a Will seem relatively obvious, but they go beyond giving you a say in what happens to your assets when you die. Here are our top 7.

Save time, money and stress for your loved ones.

Probate can be a challenging and expensive process.  It’s enough for your loved ones that they have to suffer with the grief of losing you and so having your Will in place means that this is one thing that they don’t have to think about or manage.

Streamline the process with confidence

In your Will, you can nominate an ‘executor’ to ensure that your Will is enacted. Writing your Will is your opportunity to nominate someone you trust, who you know will deliver your wishes.

Make your wishes known
Families are complicated things.  We live in a world where nearly half of marriages end in divorce, couples cohabit and families with single children come together.  This can lead to conflict and confusion about who is ‘entitled’ to what.  You can also choose who NOT to leave items from your estate to and can actively exclude an ex-partner, for example, from receiving any inheritance.

You might also want to ensure that your estate is apportioned appropriately, or equally between children brought together through marriage.

Leaving a legacy is also something that you may choose to do. Many charities rely on Will legacies and if there is a charity that has been important to you, you can use your Will to continue your support.

Finally, you can also state your choices for your funeral – everything from whether it’s a religious ceremony, where it is and what music you’d like played.

Choosing who will take care of your children when you die.
Whilst not guaranteed, your Will allows you to nominate a Guardian for your child or children upon your death. A surviving parent will usually get sole custody, but if both parents die, or there are additional circumstances with the remaining parent (i.e. long absence or historical abuse), then it is important to nominate a Guardian; someone you would be happy to raise your child or children.

We suggest that you speak to the person nominated before making your Will, just to ensure that they have agreed to take on this responsibility.

And whilst we’re in this remit – think about your pets too! Who would be happy and able to look after them upon your death?

Avoiding family disputes after your death
We have already mentioned that families are complicated.  If this applies to you and you die without a will conflict may arise.  Your family will not know what you want to happen with your assets and in addition to a lot of stress, this could cause enduring friction between family members.

There are so many good reasons to write your Will.  Most people leave it until later in life, but the truth is that as soon as you enter a long-term relationship and acquire assets, then you should make your Will straight away. And whenever your situation changes, always, always remember to update it.

First Protection Solutions provides a Will writing service which will protect you, your family and your assets upon your death.

wpChatIcon

Loading...