Nothing means more to us than our loved ones.
While focusing on the things right in front of you like family and work, it's easy to feel like you don't have enough time to get everything done. But if there is one thing that you should make time for, it's writing your Will.
It might seem like something that can wait, but the sooner you create it, the sooner you have the reassurance that your loved ones will be looked after.
There are a lot of benefits to writing your Will but here are the top ten reasons why you should do it today.
As many as 60% of Brits don’t have a Will but if you die without one, possessions and savings will be divided according to strict guidelines, so the people you love may lose out.
1. Make sure your loved ones are provided for financially.
Ensure that your money goes where you think it should.
2. Reduce the chances of dispute.
One of the best reasons to make a Will is that you are in charge. With everything outlined in a document, there won't be any unnecessary arguments between loved ones.
3. Protect your partner if you are unmarried.
If you and your partner aren't married or in a civil partnership, your partner won't have a right to inherit if you don't have a Will.
4. Decide who will look after your children.
Without a Will, this decision will be made by the court and will be selected from family members or state-appointed guardians.
5. Don’t pay more Inheritance Tax than you need to.
Advice taken early and a written Will may reduce the amount of tax payable.
The standard Inheritance Tax rate is 40% charged on the part of your estate that’s above the threshold.
6. Know that it is flexible.
Just because you choose to make a Will at a certain time doesn't mean you are tied to it for the rest of your life. As life goes on and circumstances change (property, births, divorce), you can change your Will to suit you.
7. Protect your pets.
As well as children, you can include provisions for your pet and choose a guardian.
8. Safeguard the family home.
You may have specific wishes for who should inherit your home. Stating this in a Will can save the risk of disputes.
9. Be prepared for what's around the corner.
A common reason for not making a Will is the unwillingness to accept death. Having a Will provides reassurance for the future at an extremely emotional time. Don't let the realisation that you need a Will come too late.
10. Leave money to a charity.
Once your loved ones are provided for you may wish to leave a gift to a cause that means something to you, so that your generosity can live on after you. Plus there are some additional benefits for your loved ones too!