Having a will is one of the most important things you can do for yourself, your family or your business. It will legally protect your loved ones and assets, as well as let people know exactly how you want things handled after you have passed away. Everyone will have a different will depending on his or her own situation. Here are some of the reasons why having a will is so important.
You can decide how your estate is allocated
Dying without a will means you can’t 100% guarantee your estate will be handled how you would have liked. A legal binding document such as a will cannot be disputed, so whatever it says is what will be carried out. This reduces family arguments over your estate because your will has already determined who will get what. An unmarried partner will not automatically inherit any pension payout following death, so it’s important to make your intensions clear.
Choose who takes care of your minor children
Without a will the court will decide which members of your family or an appointed guardian will look after your minor children. By having a will in place you can make sure that the right person raises your child, and also make sure that certain people don’t.
Avoid a lengthy probate process
A will makes sure the probate process is a lot faster and it informs the court exactly how you want your estate to be divided up. Without a will there will be lots of unnecessary delays because it will then be up to the court how your estate will have to be divided up. The will is a way of giving the court your input even when you’re not around anymore.
You can decide who takes care of your affairs
By electing an executor of your will you can make sure that the person handling it is someone you trust and can rely on. An executor is the person who will make sure all your affairs are in order. For example paying bills and notifying the bank is something important that will need someone organised to take care of.
Minimising estate taxes
By having a will you’ll be able to minimise your estate taxes. The value of what you give away in your will reduces the value of your estate when the time comes to pay taxes.
Donations and gifts
Another great reason to have a will is so you can make gifts, which then will still reflect your values and interests even after you are gone. Depending on the circumstances and amount of the gift it may incur very little tax or be tax-free. So by giving a gift you will be increasing the value of your estate for those named in your will to benefit from.
Something as important as a will shouldn’t be overlooked, but you may not have even thought about it until now. Getting all your affairs in order and not having to worry will be a massive weight off your shoulders. This is where we can step in and make the whole process a lot easier for you.
Do you have a family and not have a will yet? If not we’d love to hear your reasons why not? Perhaps we can help convince you it’s the most important thing you could do tomorrow.