5 Reasons to Create Your Will Today
Did you know that over half of UK adults (51%) haven’t made their will yet? Wills are something that many of us put off until it’s too late, which could leave loved ones unprotected if you die unexpectedly.
This October, we are proud to take part in Free Wills Month, offering a free simple wills (either updating or creating a new one) to anyone aged 55 or over, making will writing even more accessible for our clients.
So why is it so important to make a will? Let’s dive into the 5 biggest reasons to make a will.
1) Make sure your loved ones are protected
Making a will means you can ensure that your children and loved-ones can be provided for after you’re gone. If you have children or grandchildren who are under 18, you can specify in your will who you would like to be their guardian if you pass away, this is especially important for single-parent families.
If you are unmarried, your assets will not automatically pass to your partner, so it is important to make sure that you mention in your will that you would like for assets to pass to your partner if this is what you would like to happen.
2) Have your say
Creating a will allows you to have your say in the specific dividing of your assets, which allows you to make sure significant possessions go to the people who need them most or would be best suited to inheriting them.
For instance, if you have some very wealthy relatives, you may choose not to prioritise giving them significant sums of money in your will in favour of relatives who may need the money more or that you have a closer relationship with.
If you die without a will in place, typically all of your possessions will automatically go your next of kin, regardless of your personal preference.
3) Help manage Inheritance Tax
If anything within your estate (your overall assets and wealth) is valued over £325,000 you may be liable to pay inheritance tax so making arrangements within your will can manage and possibly lessen the amount tax your beneficiaries are liable to pay and help retain more of their inheritance after you’re gone.
4) Ease the burden on your next of kin
When a loved one passes away it’s never an easy time, but managing the affairs of a departed relative is much harder without a will to guide them. Having a will in place helps make things much smoother for your next of kin, to help make a difficult time potentially much easier for those you leave behind.
5) Make your funeral wishes clear
How you imagine your funeral is rarely top of the list when it comes to conversation starters, but through making your will you can specify your funeral wishes and make sure that you are mourned and your loved ones can celebrate your life in the way you would like them to.
You can also specify whether you would like to be buried or cremated, and if you would like a specific religious service for your funeral.
Time to sort out your will?
Creating your will is the best way to protect your family and loved ones, ensuring that you're prepared for the future.
And during Free Wills Month this October you can get a simple will written or updated for free if you are 55 or over.
Ready to get started? Find out more about how our experienced will writing experts can help you write your will today here!