A will is your final chance to let the people in your life know what you want to be done with your money, property and possessions when you die. A last will and testament allows you to do this in a way that suits the specifics of your situation. Read on to find out more about why making a will is a great idea.
It can provide peace of mind
When you die, your family may find themselves in a difficult situation, particularly if they are unsure of who the beneficiaries of your will are. This can be particularly worrying for family members with disabilities when their inherited possessions are used to pay for their care. To avoid this kind of hardship, you should make a will. Getting advice on what you should include in it is also a good idea.
It allows you to exclude people
Without a will, it is not clear who will inherit your possessions or money. When there are no heirs named in a will, the court decides on the distribution of property and assets based on guidelines similar to those that apply when there is no spouse or partner. However, this means that family members who might otherwise have been excluded from receiving any of their relative's estate may be entitled to part of it. To avoid problems such as these, it's advisable to make a last will and testament.
It can help you to reduce the amount of inheritance tax due
If you forgot to include someone as an heir in your will, or if they are not listed as a beneficiary, they may be left out of the estate. This means that if you die without a will it is likely that the government will make your estate pay inheritance tax on them. However, when a will is in place, this can help to reduce the amount of tax due.
It lets you leave a charitable legacy
If you choose, you can also make a donation to a charity in your will and property or money will be sent to the named organisation by the executor.
Making sure that you have all the information you need to draft an effective will is best done by seeking independent legal advice today. A will lawyer will be happy to discuss your plans for your estate and how a will can help you achieve them. Contact a will preparation lawyer to learn more.