Why making a will is important
Making a will is crucial for a number of reasons, including ensuring that your wishes are followed out after your passing and provides clarity to loved ones and clarity regarding the legal system in relations to how your assets will be distributed and carried out. Here are some significant reasons why creating a will is so important.
Asset Distribution: A will allows you to specify how your assets, such as property, Money, Investments and personal belongings, should be distributed among your beneficiaries. Without a will, your assets might be distributed according to Intestacy Law, which might not align with your wishes.
Guardianship for Minor Children: If you have a minor children, a will enables you to designate a legal guardian for them in case both parents pass away. This helps ensure their well-being and care are managed according to your preferences.
Minimise Family Disputes: A clear and legally binding will can help prevent conflicts among family members over the distribution of your assets. It eliminates uncertainty and reduces the likelihood of disputes arising.
Executor Appointment: A will allows you to name an executor(s), the person responsible for carrying out the instructions in your will. Ensuring that your wishes are followed and your estate is managed efficiently.
Charitable Donations: If you have charitable intentions, a will enables you to leave a portion of your estate to your preferred charities or causes. By leaving at least 10% of your estate to charity, the rate of Inheritance Tax applied to the rest of your estate is reduced from 40% to 36%. Any donations made to charities are exempt from Inheritance Tax. These donations are not counted as part of your estate for tax purposes.
Unmarried Partners and Stepchildren: If you’re in an unmarried partnership or have stepchildren, they might not be legally entitled to any inheritance without a will specifying your wishes.
Peace of Mind: Creating a will gives you the peace of mind that your affairs are in order and that your loved ones will be taken care of according to your wishes.
Making a will is crucial for ensuring that your wishes are carried out, your loved ones are provided for, and potential conflicts are minimised. It’s a responsible step to take to protect your legacy and provide clarity for your family during a difficult time.