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Importance of Having a Will
The thought of dying is scary to many people. This partly explains why close to 60% of UK residents don’t have a will. Even though it is not a legal obligation, it is important that you have a will in place regardless of your age or health.
Here is a look at some of the reasons why you need to have an updated will in place at all times.
Deciding who Inherits your Property
If you pass on without a will, it is the government that decides who inherits your property, money and other possessions. If you die while unmarried and with no identifiable close relative, the government may invoke the Law of Intestacy of 1925 and take ownership of all your properties.
With a will, you make sure that your wishes regarding who inherits your properties are fulfilled when you are gone.
Appointing guardians for your children
If you have children who are yet to reach the legal age and die without a will it is the authorities who decide who becomes their guardian.
Even though many people usually take for granted that their partners (if they are unmarried) will be assigned guardianship of the children, this is not always the case. In most cases, if the children are between 14 and 17, they are usually given to a neighbour or close friend who shares your lifestyle rather than your partner or relatives.
This can be distressing to the children. By specifying in your will who you want to be the guardian to your children you make sure that only the people you are most comfortable with taking care of them.
Inheritance tax is tax charged on your estate when you die. Having a will in place significantly reduces this tax or even eliminates it completely. This allows your loved ones to inherit more money than it would have been the case if you would have died without a will.
The importance of writing a will, therefore, need not be overemphasized. Sometimes the complexity of the will writing process usually puts off some people.
Fortunately, there are many professional will writers in the UK who can competently guide you through the will writing process at a small fee. No one knows when death will come. So it is never too early to prepare your will.
To make sure that your estate is managed in an orderly manner and in accordance with your wishes, make sure you prepare a will as soon as possible.