According to a survey carried out by Foresters Friendly Society, 24% of Brits have never considered writing a will and 23% think their current financial position does not warrant having one.
Another common misconception is that adults without children or dependants have no need for a will.
Let us take a closer look at the benefits of writing a will.
Who can write a will?
You have three ways to draft a will: write it yourself, sometimes known as a DIY will, hire a professional will-writer, or use a solicitor to create a will.
Explore your options in our guide, Writing your will: Should you do it yourself, use a solicitor or a will-writing service?.
What if you die without creating a will?
If you pass away without a will, you have no say over the final destination of your property and possessions. Typically, estates are passed on to a spouse or children, but if you have neither, it can be difficult to be certain where your assets will go.
While some people have no interest in material goods, it is often a good idea to outline how monetary gifts or specific heirlooms should be allocated. Many people also choose to leave a significant sum to charity.
It is easy to assume that your assets will be distributed fairly and that a will is merely unnecessary paperwork. However, if you do not take this precaution, you run the risk of a valued family member or friend losing out, or being dragged into a dispute once you are no longer present to make the decision.
Always bear in mind that your will provides clarity, supports fairness, and helps avoid arguments. You do not want beneficiaries, or those left out, to contest a will after you are gone.
Learn more with our guide, What happens if I die without making a will?.
Leave a will for your children
Perhaps the most important reason to write a will is to ensure your children are properly cared for should the worst happen.
Where a spouse or close relative is not available to take on that responsibility, it goes without saying that you would want the final say in choosing the individual, or group of people, who would provide a caring and loving home in your absence.
Without a will, the process of arranging proper long-term care for your children could be lengthy and distressing.
Plan your funeral the way you want it
Planning your own funeral is not the most cheerful task, but once you start thinking about it, you may have strong views on how the event should be handled.
Your will is a document where you can outline everything from the budget to the type of funeral, whether cremation or burial, religious or secular, as well as the location, attendees, and even your choice of music or flowers.
Preparing a clear outline for the day can make the whole process much less stressful for the friends and relatives left with the responsibility of laying you to rest. Losing a loved one is always deeply sad, so having a plan in place can be a great help, especially when they know it reflects your wishes.
Check for inheritance tax
The fact that inherited property and finances may be taxable is not always at the forefront of people’s minds when they create a will. Nevertheless, there are important tax matters to consider when allocating money to those you leave behind.
Current legislation permits a tax-free allowance for spouses or civil partners. But according to government guidelines, your estate is taxable when it exceeds a certain threshold. Completing a will with the help of a solicitor can help you make the most of the assets you leave behind.
Prepare for the future
Whatever your age, it is always worth preparing for the future, both for yourself and for those you care about.
A solicitor can help you draw up a clear, comprehensive will and ensure that all legal obligations are met. Using a solicitor is particularly important if you have dependants or any unusual circumstances.
Start writing your will today
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