Why Making a Will is Important

A will to provide for loved ones

Did you know that 50% of adults in the UK don't have a will? Your last will and testament, or will as it's commonly known, is a legal document which sets out what will happen to your money and assets (estate) after you die. If you don't have a will, you're leaving the decision over who gets your estate to the law and courts. This can mean your nearest and dearest may not get anything, or it can cause them additional stress trying to sort out your estate during a tough time.

So, why do people put off making a will? Some don't like to talk about dying or think they've got plenty of time to sort out their will. Others don't feel they've got enough money or assets to need one, and some assume their loved ones are automatically entitled to their estate. Some people haven't ever talked about making a will; our society finds it incredibly difficult to talk about death, and unfortunately, this can cause problems when people pass away. It's essential to have a will, and here's why.

Retain control over your assets

A will lets you state how your assets should be distributed after your passing. Without a will, whoever inherits your property is governed by intestacy laws, meaning the courts decide who gets it. Making a will gives you control over your estate, ensuring your assets go to the people or causes that matter most to you.

Protect your loved ones

Probably the most important reason for having a will is to provide financial security for your loved ones. Your will outlines who will inherit your property, money, or possessions. If you don't have a will, it may take longer for your assets to be passed to your family, which could cause them short-term financial difficulties. And depending on your circumstances, your assets may not go to who you want them to. For example, if you have split up with your spouse but are not yet divorced and are living with someone else, your partner may not receive your assets, they may pass to your legal spouse.

Decide who looks after your children

If you've got children who are under 18, you'll need someone to look after them should you and their other parent, if they have one, pass away. A court may be involved in making this decision without a designated guardian. By naming who you want as your children's guardian in your will, you get to decide who looks after them, reducing any emotional distress for the children and uncertainty about their future.

Reduce the chance of family disputes

Families are complicated at the best of times, and the added emotion of having someone you love pass away can cause additional problems. A will can help minimise family conflicts and disputes. If you are clear about what you want to happen to your estate, you can reduce the chance of arguments amongst your beneficiaries (beneficiaries are the people who receive your assets after you die). Your will also provides a legal framework for the distribution of your assets. Taking a proactive approach can help your loved ones immeasurably during an already challenging situation.

Your loved ones will receive your property more quickly

A will streamlines the probate process. Probate is the legal and financial process that deals with the assets of a person who has passed away. Sometimes, you don't have to go through probate. It depends on the financial situation of the person who died. If your estate does have to go through probate, having a will can speed up the distribution of your assets significantly, helping your family or loved ones avoid financial stress. Without a will, a court must appoint an administrator to deal with your estate and follow more complex intestacy laws, extending the time it will take to distribute your estate.

Leave your beneficiaries more money through efficient tax planning

One of the benefits of writing a will is that it's an opportunity to carry out some tax planning. Minimising your estate's tax burden, your beneficiaries can receive more of your assets. For example, you may be able to make some tax-exempt gifts during your lifetime. And assets passed to a spouse are usually exempt from Inheritance Tax. Ensure you get professional advice so your will is tailored to your circumstances and wishes.

To give you peace of mind

A considerable benefit of having a well-planned will is the peace of mind it gives you. Having your affairs in order and your wishes documented can reduce uncertainty and alleviate anxiety. You can be reassured your loved ones are taken care of as you want them to be.

Nobody likes thinking about death, and some may think that making a will is challenging. However, it can take a massive weight off your and your loved ones' shoulders, knowing everything is in order when you pass away. It's a good idea to review your will sometimes, too, especially after significant life events like having children or getting divorced.

Easing the burden on your executors

A way you can help your executors is to keep a record of the information they will need to distribute your assets after your death. Most people have more accounts than they realise that need closing or transferring - social media, bank, credit cards, utilities subscriptions, to name but a few. Many are online, and having a list of the email addresses and passwords relating to each one can make an executor's job more straightforward at a difficult time. Where a will provides a starting point, a document like Leighan's List will provide the information needed to execute your estate more quickly and efficiently.

If you haven't yet got a will, speaking to a financial advisor or a solicitor is a good place to start. Alternatively, there are lots of free resources to help - just google 'free wills UK', and you'll find lots of companies and charities offering will writing services. If you're over 55, take a look at freewills.org.uk. The website directs you to charities offering free will writing or updating services during March.

Leighan's List