Did you know that over half of UK adults (51%) have not made a Will?
Wills are something that many of us put off until it’s too late, which could leave loved ones unprotected if you die unexpectedly.
So why is it so important to make a Will? Let’s dive into the 5 biggest reasons to do so:
- Making sure that your loved ones are protected
Making a Will means you can ensure that your children and loved-ones can be provided for after you are gone. If you have children or grandchildren who are under 18, you can specify in your Will who you would like to be their guardian when you pass away, this is especially important for single-parent families.
If you are unmarried, your assets will not automatically pass to your partner, so it is important that, if you would like your assets to pass to your partner, that you state this in your Will.
- Have your say
Creating a Will allows you to have your say in the specific division of your assets, which allows you to make sure significant possessions go to the people who need them most or would be best suited to inheriting them.
For instance, if you have some very wealthy relatives, you may decide against prioritising giving them significant sums of money, in favour of relatives who may need the money more or that you have a closer relationship with.
If you die without a Will in place, this may not be the case.
- Help manage Inheritance Tax
If anything within your estate (your overall assets and wealth) is valued over £325,000 you may be liable to pay inheritance tax so making arrangements within your will can manage and possibly lessen the amount of tax your beneficiaries are liable to pay and help retain more of their inheritance after you die.
- Ease the burden on your next of kin
When a loved one passes away it is never an easy time, but managing the affairs of a departed relative is much harder without a Will to guide them. Having a Will in place helps make things much smoother for your family, to help make a difficult time potentially much easier for those you leave behind.
- Make funeral wishes clear
How you imagine your funeral is rarely top of the list when it comes to conversation starters, but through making your Will you can specify your funeral wishes and make sure that you are mourned and your loved ones can celebrate your life in the way you would like them to.
You can also specify whether you would like to be buried or cremated, plus if you would like a specific religious service for your funeral.
Time to sort out your Will?
Creating your Will is the best way to protect your family and loved ones, ensuring that you are prepared for the future.
Ready to get started? Find out more about how our experienced will writing experts can help you write your will today:
Our Website: https://www.dunnandbaker.co.uk/wills-and-probate/
Exeter 01392 285000
Cullompton 01884 33818