Why you should make a Will
Making a Will is not about waiting until you are old – it is something that you should do sooner rather than later, particularly if you have assets and loved ones, or children under 18 years old. Without a Will in place, people could benefit from your estate even though you may not have wanted them to. Similarly, those that you did want as beneficiaries could end up getting nothing. Basically, your Will is your legal means of controlling who gets what when you die and are no longer around to make your wishes known in person.
There are many benefits that you can look forward to when you create a Will. Some of the key benefits include:
- Greater control: When you create a Will you can ensure that you are in control of who gets what when it comes to your estate. You can decide who should benefit from your estate and what they should receive. You can also choose to leave something to friends, charities, even your pets should you wish to do so. Without a Will you do not have this control in place.
- Make sure people get what you want them to have: You may have special or valuable items that you want a particular person to receive. By making a Will you can ensure that specific items are bequeathed to specific people as per your wishes. You can also ensure that your possessions do not end up in the hands of people you do not want as beneficiaries.
- Reducing inheritance tax: Creating a Will and doing some advance tax planning means that you could reduce or avoid the need for inheritance tax to be paid on the estate. This is something that could benefit your loved ones if they are the main beneficiaries of your estate.
- Protection for your loved ones: One of the key reasons to make sure you create a Will is that it will protect your loved ones from the variety of issues that can arise through intestacy. When you family is going through the grieving process, the last thing you would want is for them to have to deal with problems relating to your estate as well. Creating a Will ensures that they do not have to go through this.
Guardianship: A will can also cover guardianship of children under 18 years old to protect them by ensuring they are in the care of your chosen guardian, instead of remaining under automatic care of the state. For beneficiaries of your estate that are under 18 years old, estate planning with a trust can help maintain some level of control till the beneficiary is 18 years old.