Why write your Will?

 

Typically, it is assumed if you do not own very much of significant value then there is no point in having your Will written and so making a Will is dismissed as expensive and time consuming so it is considered better to just get on with your life.

 

Wrong!

 

There are actually many good reasons why you should have your Will written even if you do not believe you have a particularly big or valuable estate to distribute.

 

• If you die without having your Will written then your assets will be distributed according to the law of England and Wales and not how you may have wanted them to be which could lead to ill-feeling among those left behind.

 

• If you are unmarried and do not have any close relatives then the government may be able to claim the entirety of your estate if you have not had your Will written

 

• If you die without having your Will written then your family members may have to deal with the ‘rules of intestacy’ regarding the distribution of your estate which could prove to be a difficult and lengthy process which can be both stressful and upsetting.

 

• Having your Will written could potentially save you on the level of Inheritence Tax that could have to be paid out on the value of your estate.

 

• If you have children then having your Will written could stop them possibly having to go into care when you are no longer around whilst a suitable guardian is found you could also determine at what age you want them to be able to inherit.

 

• If you have not had your Will written when you have a life insurance policy then a pay-out could be delayed unless you have had the policy written into trust.

 

• Having a Will written means you can make your own funeral arrangements so your family will not have to pay a potentially large bill and not have to decide where the funeral should be held, the hymns or readings to be used, and whether you should be buried or cremated to limit the additional stress placed upon your already grieving family.

 

 

Contact Taylor Milburn Financial now for further advice on Will writing*

 

Will Writing is not regulated by the Financial Conduct Authority