The Importance of a Will
Around half of UK adults do not have a Will. That’s worrying considering a Will documents your final wishes and details how you want your estate to be handled once you’ve passed. It doesn’t take long to draw up this kind of legal paperwork and could save a lot of hassle down the line, so take time to protect your assets and safeguard the future of loved ones.
Here are 10 top reasons for writing a Will:
- Gives you control
A Will allows you to control your estate beyond the grave and ensures all money and possessions are distributed fairly to those whom you want to benefit.
- Reduces the stress of loved ones
From sifting through belongings to contacting Kent tax advisors, the death of a loved one can be a challenging time. A Will alleviates stress regarding the deceased’s estate.
- Prevents arguments
Family conflicts can and do happen when someone passes away. A Will helps to prevent disputes as all your wishes will be clearly laid out. The person appointed as executor can simply contact a Kent accountant for Probate services and start the process of legally distributing assets.
- Protects Your Children
If your children are under 18, you can make financial and guardian provisions for them should anything happen to you.
- Safeguards Your Pets
Pets are part of the family. They probably mean the world to you, so don’t forget to include provisions for them too, such as who should look after them if you pass away.
- Helps Avoid Intestacy Rules
If you die without leaving a Will, your estate will be divided according to rules of intestacy which might be very different to what you would have wanted. If you’re unmarried but have a long-term partner, for example, they won’t be entitled to inherit under the rules of intestacy.
- Makes Your Funeral Wishes Clear
Would you rather be cremated or buried? Do you have any wishes for the funeral itself? State this clearly in your Will for the send off you deserve.
- Can Reduce Inheritance Tax
Tax will be charged at a 40% rate if your estate goes over the £325,000 limit. So, it’s well worth speaking to an estate planner such as Nick Hughes and finding ways to lower your tax liability. These arrangements can then be listed in your Will.
- Enables you to Give to Charity
You don’t have to leave your estate only to family and friends. Many people make a donation to charity in their Will. This can also reduce your tax liabilities, so it’s worth speaking to Kent tax advisors who can help you with this matter further.
- Protects your digital assets
Believe it or not, a Will can even protect your digital assets such as photographs, online accounts and password protected documents.
Writing a will has a multitude of benefits and doesn’t take long to do, so discuss your estate with an estate planner today and get the ball rolling.