Take Control
Having a will means you are in control of your affairs. By making a will, you can ensure that your property, money and other assets will pass on to the people of your choice. Without a will, the fixed rules of intestacy (dying without a will) laid down by the government set out how your estate is to be divided and distributed to others. Dying without a will may result in a scenario that you did not wish to happen and may cause heartbreak and difficulties for your loved ones.
Protect your Loved Ones
With a will, you can provide for spouses, children, unmarried partners and extended families, such as stepchildren, who won’t be recognised under the rules of intestacy without specific mention in a will.
Avoid Family Disputes
By making your wishes clear, a properly drafted and executed will minimises uncertainty and helps to reduce family conflict. A poorly drafted will could lead to challenges to how your estate is to be dealt with and unwelcome family disputes.
Name Executors and Guardians
In a will you state who you want to administer your estate – your executor(s) – when you die. In that way, you can choose a person or people you trust to carry out your wishes as set out in your will. In addition, if you have young children, you can name specific people of your choosing who you wish to act as guardians for them.
Make Special Gifts and Leave Donations to Charities
In your will you can leave personal items, such as jewellery, paintings, book collections, cars or items of sentimental value to specific people. You can also give money to charities or other organisations of your choice, for example, to charities that you have supported throughout your life and in doing so you may avoid or reduce the amount of Inheritance Tax your estate may have to pay.
Provide for Vulnerable Family Members
You may have family members who are vulnerable in some way or who need support in managing their finances and their long-term care. A will is often used by people in such circumstances to establish trusts which will come into existence on their death for the protection and support of loved ones who are not able to look after themselves or their own finances.
Deal with Digital and Foreign Assets
You can give clear instructions in a will regarding how digital assets, like social media accounts, cryptocurrencies and online businesses, as well as property or investments abroad are to be dealt with when you die.
Minimise Inheritance Tax
Putting a well-thought out and properly drafted will in place often goes hand in hand with planning your estate with a view to avoiding or minimising Inheritance Tax, so that the maximum possible share of your estate passes on to those you wish to benefit and not the tax man.
Keep your Will under Review
As your circumstances change throughout your life, it is important to keep your will under review to ensure that it fits in with your circumstances and your wishes at any particular time. The provisions of a will written a few years ago may not actually reflect your present wishes or your family or financial circumstances. Subsequent marriage, divorce, births, deaths, new relationships, inheriting assets, retirement or buying property should prompt you to review your will and probably make a new one.
If you wish to make a new Will, or to discuss your options, contact us at Thompson Mitchell Solicitors for a free initial 30 minute consultation on alisonwatterson@thompsonmitchell.co.uk or 028 3833 7172.
This article is for information purposes only and is no substitute for tailored legal advice. The law may have changed from the time of writing.
