A Will is probably one of the most important documents you can have. And it’s the only way to make sure that your assets are shared according to your wishes after your death.
Here’s 10 reasons why making a Will is a good idea:
- It’s the only way you can choose what happens with your estate – this includes any property you own, finance and possessions. If you don’t have a Will it might mean that the people you want to inherit your estate end up with nothing.
- A Will helps to speed up the probate process by letting the court know what you’d like to do with your estate.
- Having a Will allows you to minimise estate taxes.
- If you have children, a Will allows you to decide who will look after them when you’re no longer around. If you don’t have this in place, a court will decide who should raise your children and it may be someone that you wouldn’t want.
- You can choose your own Executors. They play a big role in administering your estate and by naming them in your Will it ensures your affairs are dealt with by someone you know and trust.
- If for any reason you don’t want a family member to inherit part of your estate, a Will allows you to specifically request this.
- You can leave gifts and donations – this is particularly useful if you want to gift a legacy in your Will to your favourite charity.
- Having a Will avoids any legal challenges from anyone that you don’t intend to inherit from your estate, which ensures that your family is protected.
- You can update your Will at any time. As we go through life, our circumstances change – people die, we have children, we get married etc. Your Will can be amended at any time while you’re alive to factor in these changes.
- Death is unfortunately inevitable. And no-one really knows exactly when it will happen. Don’t leave it until it’s too late! Don’t assume that there’s still plenty of time, make sure you have everything in place to make sure that your assets are protected and that your estate is inherited by those that you intend.
Where to start can be a minefield and that’s where an expert is really useful. We also recommend that you review your Will every five years to keep up to date with changes in tax legislation or changes in circumstances.
Our friendly team is on hand to discuss the benefits of making a Will and guide you through the process.
We’re based across four locations and are operating strict Covid-safe appointments. We’re available on the phone in the first instance but can arrange a face-to-face appointment at our Leek office if this is something you prefer. Please get in touch today.