Benefits of Writing a Will: Five Reasons Why You Should Have One
Why do I need a Will?
Making a Will can seem like a morbid and time-consuming task, and it can be easy to put it off. But drafting a Will is important for many reasons. In this guide, we’ve set out five of the main benefits of getting your Will sorted. These include:
- Having control over your estate
- Reducing the risk of family disagreements
- Appointing guardians for your children
- Lessening the amount of inheritance tax paid
- Providing financial protection for your partner
To find out more, keep reading or get in touch with our friendly advisors for advice that’s based on your individual circumstances.
1. Control over your estate
One of the main benefits of writing a Will is the control it will give you over how your estate is distributed. You’ll be able to set out specific terms for how your assets – such as property or vehicles – are split between family members.
You’ll also have the opportunity to choose executors who will be responsible for handling your estate. This means that you will be able to select people you trust to carry out the wishes set out in your Will.
You may also decide to leave gifts to certain people or charities when you pass away. This could be a family heirloom or a monetary gift. Setting out instructions in your Will is the best way to make sure any gifts you’d like to leave behind go to the right people.
2. Reduce the risk of family disagreements
Emotions can run high when a loved one passes away and sadly family disputes are not uncommon. Having your wishes clearly set out within a Will can help to reduce the risk of your family becoming involved in costly legal battles over your estate.
Under the Inheritance (Provision for Family and Dependants) Act 1975, certain people can claim against an estate if they feel that they have not properly been accounted for. This will often include children, spouses and non-married partners.
In 2021, there were 9,926 challenges raised to the distribution of inherited estates in England and Wales. This represented a 37% increase from 2019 – something which many have put down to the rise of DIY Wills in recent years.
An experienced Wills, estates and probate solicitor can help you to write your Will in such a way that leaves little room for confusion or conflict. So you’ll have the reassurance of knowing your loved ones will be taken care of when you’re gone.
3. Appoint guardians for your children
If you have children, you’ll want to know that they’ll be looked after when you die. While this can be difficult to think about, it is important that you put arrangements in place for who would act as their guardian if you were to pass away.
Appointing guardians in your Will is the only legally binding way of selecting who you would like to take on this role. If you do not, the family courts will make a decision that they believe to be in the best interests of your child. But this may not align with the choice you would have made.
If you’re considering appointing a close friend or family member as a guardian, we would always suggest speaking to them beforehand. This will help you to decide whether the person or people you have in mind will be able to provide the level of time and care required.
4. Lessen the amount of inheritance tax paid
Making a Will could also help you avoid a situation where excessive inheritance tax is applied to your estate. In England and Wales, anything above £325,000 is automatically subject to inheritance tax. But depending on who you leave your assets to, the level of tax applied can vary.
A specialist solicitor will be able to help you make arrangements within your Will that could lessen the amount of inheritance tax paid out on your estate. So you can feel confident that your loved ones will benefit as much as possible from the assets you leave behind.
5. Provide financial protection for your partner
Unmarried partners will not be entitled to anything from your estate when you pass away, unless you set out specific provisions for them in your Will. This will apply regardless of how long you and your partner have been together.
If you share a home with your significant other, writing a Will is the only effective way of ensuring that your partner will get to stay in the home you’ve lived in together. And if there is no Will in place, they may have to undergo the lengthy process of making a claim against your estate.
This can add even more stress at what will already be an extremely difficult time.
What happens if I don’t make a Will?
When someone dies without a Will, the rules of intestacy will apply. These rules will dictate how an estate is distributed, and they will not necessarily reflect the wishes of the person who has passed away.
This is why it’s so important to have a legally binding Will written up. We can put you in touch with specialist solicitors who will help you draft a Will that works for you and your family.
To find out more, give us a call on the number at the top of the screen or start your enquiry online.
Note: First4Lawyers offers this information as guidance, not advice. Before taking any action, you should seek professional assistance tailored to your personal circumstances.
