Writing a Will is possibly one of the most put-offable tasks going. Let’s be honest, after a hard day’s work, making dinner, and sorting the bills, thinking about what goes where after you die is hardly an irresistible temptation.
However, we have no idea what might be around the corner, especially in the precarious climate in which we live today. Therefore, it’s vitally important to tick ‘write a Will’ off your ever-growing to-do list, and here’s why:
Think of the children!
If you have young children, the chances are that you have many happy years ahead of you. However, that doesn’t mean you should kick your feet up and forget about writing a Will – as much as you deserve to.
When writing a Will, you can choose your dependent’s guardian should the worst happen. Without a Will this crucial decision could be left to family courts. Who, in turn, might choose someone that you wouldn’t necessarily have wanted to raise your child(ren). Even if your child is christened with godparents, this isn’t legally binding and may not be upheld in court.
Furthermore, writing a Will can ensure that your children are looked after financially. Whether this be setting aside a certain amount to be spent on schools, hobbies, and clothing or perhaps even a nest-egg for them to buy a house of their own. Trust Wills can be extremely useful in helping you control at what age your child(ren) receive money, and how much they receive. After all, you probably don’t want your whole life-savings being spent on sweets and Lego kits…
And the step-children!
Although you likely see your step-children as if they were your own, unfortunately the law doesn’t. If you don’t have a Will written, inheritance can only go to spouses and blood relatives. Potentially leaving your step-children out in the cold.
‘Til death do us part…
In England and Wales, when you get married, your existing Will becomes obsolete. Depending on your circumstances before the marriage, this could become very messy should you pass without a Will. Conversely, for those in Scotland, the existing Will does not become invalidated. Consequently meaning that your current spouse may be left with nothing.
Furthermore, without an updated Will your ex-partner may be in line to inherit from your estate.
Writing a Will is also vital for those who are in a committed relationship but are not married. Regardless of how long you’ve been together, without a legal Will, your partner stands to receive nothing. You can ensure that your partner receives a fair portion of your estate and any sentimental belongings by writing a Will.
Home is where the heart is
If your family home is in your name, an unmarried partner or step-children aren’t in line to inherit the property should you pass without a Will.
With a Property Protection Trust, you can elect not only who you want as beneficiaries of the property capital, but also who you would like to reside there and for how long. Don’t run the risk of causing your loved ones to lose their home.
The other thing that’s certain in life…
Tax. No-one enjoys paying it, and you certainly don’t want to be paying more than you need to.
Writing a Will can help keep your inheritance tax bill low. For instance, by leaving property to your children. Thus, saving your heard-earned money to be used and enjoyed by those that matter most to you.
011000101010 Wills in the digital age 010111001101001
Many of our possessions today do not even exist in the physical world. Whether it be music, photographs, websites, or social media accounts. However, that does not mean they are valueless.
Without digital assets being specifically written into a Will, this legacy can disappear into the abyss. In addition, you will have no say about whether certain information gets destroyed or protected.
Secure your furry friends future
Many people have incorporated their pet into their Will. Kalu the Chimpanzee received a mere $70 million from his owner. However, the less eccentric route to go down would be to choose who will look after your pet should you pass, and perhaps set some money aside for food, vet fees and fresh tennis balls. Sadly, without a Will your companions can be put up for adoption and even euphemised.
Goodwill makes for a good Will
If you have a cause that you believe in, then make your final act a generous one. You can write charitable donations into your Will and make a positive difference.
Leaving a certain amount of your estate to charity can also reduce the amount of inheritance tax that needs to be paid, making it a win-win.
We don’t know what will happen in the future, but we can secure it for our loved ones. So, stop procrastinating and use our Online Will Writing Service, its much easier to write a Will than you might think.