Making a will is something millions of people in the UK still haven’t done. Not having the time, not wanting to think about death and lack of understanding of the implications of not making a will are just some of the reasons behind this.
There are lots of reasons why it’s important to make a will, and in this article you’ll discover just some of these.
- Life is unpredictable
Putting off making a will until next week or next month is something many people do. Usually the will gets forgotten about and years can go by without it being given any more thought.
None of us know what’s around the corner in life, so it’s important to make a will as soon as you possibly can, otherwise your loved ones may not be adequately protected and be left in a difficult situation when you pass away.
- Make sure your assets go to the right people
If you know who you want to benefit from your assets when you die, you need to make a will to let everyone know your wishes.
For example, if you want to leave a sum of money to a friend or charity, this will need to be documented in a valid will otherwise they will not receive anything from your estate.
- Save on inheritance tax
In certain circumstances making a will can help reduce the amount of inheritance tax due on your estate when you die. A financial advisor will be able to go over your individual circumstances and let you know how things stand in terms of inheritance tax and how this ties in with your will.
- Avoid any disagreements when you’re gone
It is very common to find families getting into disputes over a loved one’s estate where they have not written a valid will. The reason for this is because without a will, the government’s Rules of Intestacy apply and these rules dictate who will benefit from the estate and in what share.
It cannot be assumed that the spouse will automatically receive everything as this is not always the case. The only way to avoid family disputes when you’re gone is to make your wishes known by having a valid will written as soon as possible.
The Co-operative Legal Services advise thousands of people in the UK on making a will every year. When you make a will with The Co-operative you’ll also receive free will storage and ongoing advice, should you want to change your will in the future.
PR Manager Corporate
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