None of us likes to think of a time when we’re no longer here, but when it comes to making a will the best thing to do is embrace the inevitable.
There are several benefits to having this in place well in advance of old age, and with the help of will-writing solicitors, the process is straightforward. Here are just three reasons why you shouldn’t delay making your will.
1. Dictate who inherits
According to recent research, an astonishing 50% of British adults don’t have a will in place, and 12% have no intention of making one in their lifetime. The most common reason for this is people assuming their loved ones will inherit regardless, but under UK intestacy laws this is not necessarily the case.
If you die without leaving a valid will, this is known as ‘dying intestate’. Your closest living relative will be charged with managing your estate, and any inheritance will be distributed via strict rules. Only your spouse or partner can inherit the first 322,00 of your estate. Any further funds, property or belongings are divided between any surviving children.
Making a will means you can dictate who inherits your estate. You can set out specific terms to ensure all your loved ones are taken care of and receive what they deserve. You can also name people against specific parts of your estate such as property.
2. Protect your dependents
A will is also instrumental in ensuring appropriate care for your dependents when you die. Without legal instructions in place, minors will become the responsibility of the court and could be taken into care while decisions are made to appoint a legal guardian. Elderly or vulnerable dependents could be left in difficult positions too.
When you’re writing your will, include a section naming guardians for your children with instructions on care for any other dependents.
3. Identify your assets
Especially with society shifting online increasingly, it can be hard to identify the assets that make up your estate, and anything missed could complicate your inheritance. For example, password-protected digital assets such as investment portfolios can be locked, and forgotten assets could push your estate into the inheritance tax band which is currently 40% above a £325,000 threshold.
Working with specialist solicitors who have years of experience will help you determine all elements of your estate to ensure none of your hard-earned assets are left out of your inheritance directions. You can also supply essential information for your will including login details. This will simplify the probate process making the management and distribution of your estate after your death much easier for your solicitor and loved ones.
