Posted by Michelle Young, Will Writing & Estate Planning Expert
A Will can be one of the most important documents you write during the course of your life. However, if you have held off writing a Will or aren’t really sure how having one could benefit you, our blog will make things clear.
If you have ever thought about making a Will but dismissed the idea because you didn’t think it was necessary or believed it would be too time consuming, now might be the time to reconsider your stance. Wills are one of the most important things that you can create for yourself and your family. They not only protect your loved ones and your assets once you have passed away, but can also reduce any unnecessary distress for your family at a difficult time.
Read on for the four most important reasons to make a Will:
If you don’t have a Will, when you pass away, everything you own will be shared according to the law, which may not be the way you want everything to be distributed. For example, if you aren’t married to your partner, they won't receive your property, money or assets since they aren’t considered a next of kin. Instead, your assets will be given to a family member or to your children.
It is important to make a Will so that you can detail exactly how you would like your property, money and assets to be shared between your loved ones. Your executors will uphold any wishes you have outlined in your Will, to the best of their ability, and will be able to make sure that your possessions are given to the people you have chosen, instead what the law dictates.
Many people write their Wills after they have had children. If you don’t write a Will, and something were to happen to yourself and your partner, your children would be looked after by your next of kin – often a parent or sibling.
Writing a Will means that you can choose exactly who you would like to act as a guardian for your children in the unfortunate event of your passing. This means that you can choose a person who you believe would make the best choices for your children, or child, with regards to schooling, their living situation, their future and any inheritance you have left them.
If you have older children who still rely on you for financial support, you can also use your Will to ensure that they continue to receive the support you had been providing, or designate certain instructions for how long your financial support should continue.
When you pass away, depending on how much your total estate is worth, you may be liable to pay inheritance tax on the value of your property and the money that you leave behind. The standard Inheritance Tax rate is 40%. It is only charged on the part of your estate which is above the threshold. The threshold currently stands at £325,000. By creating a Will and planning ahead, you can reduce this tax in a number of different ways.
You have an 'annual exemption' where you can give away £3,000 each tax year before you pass away. In addition to this, you can also give money in the form of wedding, birthday and Christmas gifts or contributions to living costs for elderly relatives or children under 18. But it is important to remember the seven year rule whereby gifts made between 3 to 7 years before you die are taxed according to a sliding scale called 'taper relief'.
Gifting money to charities and political parties will be excluded from your estate before Inheritance Tax is calculated. Also, if you do give at least 10% of your net estate to charity in your Will, you will pay 36% Inheritance Tax instead of the standard 40%.
A Will is the perfect place for you to outline your wishes, both regarding your estate and other matters before you pass away. You can make sure that the process is as simple and straightforward as possible for your loved ones.
As we have outlined above, a Will can help you make sure that your estate is bequeathed to the right people and can also enable you to look after your children. By making these decisions before you pass away, your loved ones won’t need to sort out your estate themselves at an already difficult time.
Additionally, you can also set out your wishes for your funeral in your Will, meaning you can make sure that your funeral is exactly how you would want it. You can make sure that your loved ones are aware whether you would prefer to be cremated or buried, and even request music choices and other details.
If you have read our blog and are now looking to start the Will writing process, why not contact Funeral Planning Experts and find the perfect Will writing service for you.
Field marked * is optional
We will now match you up with suitable Will Writers who will call you to discuss your requirements. The Will Writers we work with aim to get in touch within 48 hours.
If you are considering writing a Will, you might also be interested in a funeral planning.
A funeral plan allows you to pay for your funeral, ensuring that your loved ones aren’t faced with any unexpected costs.
We will now match you with suitable funeral plan providers who will call to discuss your requirements. The providers we work with aim to get in touch within 48 hours.
To learn about funeral plan packages, we have put together an overview of the different levels of funeral packages available.