Why Write A Will?
No one knows when they are going to die and when a Will is going to be necessary. Delaying on preparing one can mean you don’t have one if the unthinkable should happen tomorrow. It can be a daunting procedure to consider, but what is the importance of writing a Will?
In order to provide security, peace of mind and protection for family and loved ones, a well-prepared Will, should be in place. Without one in place, the distribution of your Estate will be fixed by statute, administered at a far higher cost and with the likelihood of your hard earned cash being absorbed by the Treasury.
The Probate periods for the deceased without a Will can result in months, if not years of stress and expense for family and loved ones in trying to resolve your Estate.
Unmarried couples have no inheritance rights, just as the presence of children can result in a spouse losing out in place of the estate being given in trust to children under the age of eighteen. Without specifying who is to receive certain gifts or assets, you may find that family and loved ones will be left out when it comes to the distribution of your assets.
It’s also a good idea to review your Will on a regular basis, particularly if there are major life changes. Marriage can override any previously written Will in favour of your spouse.
The death of a loved one can cause enough upset in a family, the last thing you want, is for your family to be fighting with each other over the distribution of your Estate. This can lead to your family suing each other, causing more heartbreak, stress and cost.
The Benefits Of Writing A Will
Have you considered what would happen to your children if you were to leave them orphaned? Having a Will allows you to name your chosen Guardian for your children ensuring your peace of mind that they will be in good hands in the unfortunate event of your death. Without a nominated Guardian, you run the risk of your children being taken into the care of the local authorities while the decision is made as to who should become the permanent Guardian of your precious children.
You are able to appoint an Administrator or Executor of your choosing to your Estate, ensuring your Estate is executed according to your wishes. This person will most likely be someone you trust to follow your wishes. You will also need to consider appointing a trustee who can organise to hold onto assets on behalf of any young children.
You need to consider arranging appropriate tax and Estate planning, ensuring all issues are organised to save tax and money for your loved ones. It can also lead to saving time, for example, any money in any bank accounts in your name will not be released to your spouse without the proper legal direction and Probate can take a long time to resolve that access with the bank.
Maybe you have certain keepsakes or family heirlooms you want to be left to specific people you care about? Having it in writing can mean your property is distributed to the right people as you see fit.
Any charities that you may have supported throughout your life can still be supported following your unfortunate death through a legacy or special gift of money that you can set aside within your Will.
Take the stress of making the choice of burial or cremation away from your family by dictating what you want to happen for your final rest, even down to where you want to be laid to rest, or what should happen to your ashes if you choose to be cremated.
Trusts can also be set up to cover many eventualities. From the special provision of what is to happen to your children in the eventuality of your spouse remarrying in the future. Trusts can also cover what is to happen if you own or run your own business, whether that you intend for the business to continue or for the value of the business passed on.
A Will can be written cheaply and quickly, remaining valid until either a new one is written or your personal circumstances change, such as marriage or divorce. A professionally written Will can mean the difference between a smooth execution of your wishes, or any hold-ups in Probate. Using a specialist that is trained in writing Wills ensures your wishes can be executed smoothly with less trauma for your family, so although you can write your own, unless you are professionally trained and understand all the professional language, it is probably better to seek the assistance of a writer that is associated with The Society of Will Writers.
Having a Family Provision Claim can prevent someone you don’t want inheriting, from making a claim on your Estate.