5 Reasons Why You Should Write A Will

According to a recent survey, 55% of UK adults do not have a Will.....are you one of them?

There are a number of good reasons why you should write a Will, but here we will look at the top five:

1. Without a Will, your estate and requests are administered based on the law, not your wishes.

One of the main reasons why you should write a Will is because without one, you would die ‘intestate’. This means that any thoughts you might have had about protecting your children, your assets or your loved ones are ignored, and Intestacy Laws will apply.

These laws decide who gets a share of your estate and who looks after your children or grandchildren, based on the established rules.

No personal considerations will be taken into account, as the rigid rules are enforced.

Maybe you have an estranged relative that you would rather not benefit from your estate.

Depending on their relationship to you, they may receive part of your estate that you may instead have wished to benefit a different friend or relative.

Click here to view current Intestacy Rules.

2. If you do not have a Will, your children may not be properly protected.

If your children are under 18, and there is a remaining parent, then they will be likely to be assigned to their sole parent for care. Whilst this is often in the best interests of the children, in some cases it isn't appropriate, and other relatives or god parents might be preferred.

An example would be where the remaining parent is experiencing mental health or physical health challenges, or is struggling with drug addiction, or is financially unable to cope.

Additionally, in instances where both parents have died and there is no Will, there would be challenges for any godparent, family friend or aunt to become their guardians.

This could be traumatic and disruptive for the children, and an enormous amount of distress could be avoided with a Will that identifies the most suitable guardians for children.

3. A Will can communicate your wishes to your loved ones.

When a family member dies it often has a significant practical impact on the lives of others, at a time when they are also dealing with grief and loss.

With a Will you are putting your wishes in place, making plans to help your family as much as you can, and for as long as you can.

Your wishes will not only help loved ones financially where your estate allows, but also fill the hole left in their support network.

4. A Will makes probate and administration of death easier.

One of the significant challenges for your loved ones, will be trying to administer your affairs after you are gone, whilst also suffering the grief of your passing.

Probate and the administration of your death, must be dealt with at a time when they will feel less able to cope with a stressful and time-consuming legal process.

Much of this work is required very soon after your death. Without the instructions in your Will, and without good estate planning, this can be very traumatic, and can lead to costly and time-consuming delays in administering funeral plans and dealing with paying bills, dealing with assets, and can also create tension amongst family members with conflicting opinions on what you might have wanted.

Do your loved ones know your wishes regarding your funeral, organ donation, gifts of legacies, charitable donations, etc?

Through your Will, you have the chance to identify people that are willing and able to take care of this work – someone best-suited to being an executor.

You might also choose to leave assets into a Trust to protect them for future generations and create a lasting legacy.

Express wishes outlined in a Will, saves your family a considerable amount of distress, and implementing good estate management practice can also protect your assets from inheritance tax and from being diluted by poor financial management by your beneficiaries.

5. A Will is good practice, and the smart thing to do.

If you have: children, property, a pension, life assurance, savings, valuable personal possessions, pets, family mementos and are either married, in a civil partnership, single or divorced… your estate will be so much easier to manage, and your wishes administered if there is a Will in place.

Do not hesitate to get in touch if you would like help with your Will or any other aspects of estate planning, such as Trusts or Lasting Powers of Attorney.

Executive Advisor, Poole

Fit to Retire Ltd is an executive advisory business based in Poole, Dorset.

We provide business strategy advice to IT business owners, and we introduce our clients to qualified financial advisers for advice on savings, investments, inheritance tax planning and protection (including insurance products).

Contact us by telephone on 01202 070071.

Contact us by email at clientcare@fittoretire.co.uk 

Fit to Retire Ltd is located at: FOUNDRY, The Dolphin Centre, Poole BH15 1SZ

Whilst this article provides some information related to personal finances, it should not be construed as personal financial advice. For personal investment advice please contact Fane Financial Services.

It is important to remember that investments can go up as well as down in value, and any investment you make should be assessed for its risk profile and its appropriateness for your circumstances.