Don’t put off writing your Will

Planning for the future is essential, and one crucial aspect that often gets overlooked is creating a will. A Will is a written legal document which outlines your wishes regarding what should happen to your estate after your death. Despite its significance, many people delay or avoid writing a will altogether. In this article, we will delve into the reasons why writing a will should be a priority for everyone, especially business owners, and how it ensures the smooth transfer of assets and protects your loved ones.

If you haven’t considered creating a will yet, now is the time to do so.

Control Over Your Estate

Writing a will empowers you to control the distribution of your estate according to your wishes. Without a will, the rules of intestacy will dictate how your assets are distributed. This means that your possessions might not end up in the hands of those you intended, causing upset and potential disputes among family members. By creating a will, you can leave specific instructions on how your assets should be divided, ensuring your legacy lives on as you envisioned.

By using Trusts within wills, greater control can be given to assets. For example, you might want your children to ultimately inherit an asset, however, using a trust, you can let someone utilise that asset for a set period of time or until they themselves pass away. This can be especially useful when dealing with blended families.

Protection for Minor Children

If you have young children, a will allows you to appoint a guardian to care for them in case both parents pass away. Without a will, the court will determine the guardianship based on their judgment, which might not align with your preferences. By writing a will, you can have peace of mind knowing your children will be cared for and looked after by someone you trust.

Minimise Family Disputes

Losing a loved one is already emotionally challenging, and the absence of a clear will can lead to family disputes. Relatives may contest the distribution of assets or claim their entitlement, resulting in strained relationships and legal battles. Writing a will can help avoid such conflicts by ensuring that your wishes are explicitly stated, leaving no room for misinterpretation.

Efficient Estate Administration

A properly written will simplifies the probate process, making it easier for your executor to manage your estate. Probate is the legal process of validating a will and distributing assets, which can become complex and time-consuming without clear instructions. By writing a will, you can significantly expedite this process, reducing the burden on your loved ones during an already challenging time.

Charitable Contributions

If you are passionate about supporting charitable causes, a will allows you to leave a portion of your estate to your favourite charities. This act of philanthropy ensures that your values and beliefs are carried on, making a positive impact on the causes you hold dear. Although not always considered part of estate planning, such gifts can reduce the inheritance tax (IHT) rate on death from 40% to 36% if used in the correct way.

Tax Planning

Writing a will can also help you with tax planning, by considering the value of your estate and how inheritance tax will impact your beneficiaries. Seeking advice on your inheritance tax position and options to reduce the liability could help you plan for your future.

Writing a will is an essential task that should not be deferred. It provides you with control over your estate, protects your loved ones, and minimises potential conflicts. With a clear and legally binding will, you can ensure that your assets are distributed according to your wishes, leaving a positive impact on your family, friends, and favourite causes. Don’t wait any longer; take the first step and write a will to secure your legacy for the future.

It is essential that legal process is followed when writing a will and is therefore important to seek expert assistance. If you would like to arrange a meeting or call with a Will Writer, please let us know and we’d be happy to provide an introduction.

(E) enquiries@advaloremgroup.uk (T) 01908 219100 (W) advaloremgroup.uk