Writing a will is a crucial step in ensuring that your wishes are respected and your loved ones are cared for. However, in our busy lives, it is easy to overlook the need for a will, and this included me. I used to think, “I’m too young,” or “I don’t have enough assets to need a will,” but those assumptions can be very misleading, and it was only once I started working in a solicitor’s firm that I realised the importance of a will.
I believe everyone should have a will, and drawing from my own experience, I have learned many reasons why a will is important, regardless of your age or financial status.
Control Over Your Estate
One of the main reasons for having a valid will is to keep control over how your estate is managed and distributed. An “estate” simply refers to all the assets and property which is owned by a person, when they die.
Although I didn’t have significant wealth when I prepared my will, I still wanted certain assets to be given to certain people, especially items of sentimental value.
Without a will, your assets will be divided according to the intestacy rules set out by law. This could lead to your estate being distributed to individuals you might not have chosen, or worse, cause disputes among family members. By having a will, you specify who gets what, ensuring that your assets are distributed according to your wishes. For example, making sure that your younger brother gets your classic car he’s always wanted, or your beloved granddaughter gets your favourite earrings.
Appointing Guardians for Minor Children
No-one wants to think about ‘worse case scenarios’, but as a mother of a young child, I realised that having a will is indispensable. It allowed me to appoint guardians for my daughter in the event of my death.
Without a will, the decision about who will look after your children is often left to the courts, which might not align with your preferences, and could cause lengthy legal disputes for relatives. The thought of the court making the decision about who would potentially look after my child instead of me was one I found extremely daunting, and therefore one of the main reasons I made a will, and I think anyone with children should have one.
Choosing a guardian ensures that your children will be cared for by someone you trust and who shares your values and beliefs, and someone your children are comfortable with.
Minimising Family Disputes
Death can be an emotionally charged time, and without a clear will, disagreements among family members over the distribution of your estate can arise. A well-drafted will can significantly reduce the likelihood of such disputes by providing a clear and legally binding outline of your wishes. This can offer peace of mind to both you and your loved ones, knowing that your intentions are unambiguous and protected. This was important for me to consider, and I especially wanted to avoid disputes over who care for my daughter.
Addressing Special Wishes
A will provides an opportunity to address any specific wishes that go beyond the distribution of your estate. For example, you can set out your preferences with regards to funeral arrangements and specify whether you would like to be buried or cremated. It allows you to make specific provisions for the care of any pets if you have any and appointing someone to care for them after your passing.
A will also allow for special provisions for the handling of personal items with sentimental value. By documenting these wishes, you alleviate the burden on your family to make these decisions during a difficult time and ensure that your preferences are honoured.
Potentially Reducing Inheritance Tax Liability
Inheritance tax is levied on the estate of someone who has died. While a will itself won’t reduce your inheritance tax liability, it allows for advice and strategic planning to minimise the tax burden on your estate, which can be an important aspect when you have worked hard all your life to build up your assets.
With professional advice, you can explore various options such as gifts, trusts, and charitable donations that could reduce your overall tax liability. Proper estate planning may enable more of your assets to be received by beneficiaries, rather than being paid in tax. This was certainly something which I was keen to consider when preparing my own will.
Conclusion
A will is a vital document that offers clarity, control, and peace of mind. It gives you the freedom to dictate how your estate is distributed, appoint guardians for your children, reduce the potential for family disputes, and addresses any specific wishes you may have. Regardless of your age or financial status, taking the time to create a will is a responsible step toward safeguarding your legacy and ensuring that your loved ones are provided for according to your wishes.
You should also update your will to reflect significant life changes such as marriage, divorce, the birth of children, or changes in financial status. Regularly reviewing and updating your will ensures that it remains relevant and accurately reflects your current wishes.
We always recommend reviewing your will at least once a year and updating your will if needed, every three years, to ensure it is up to date.
Whether you already have a will or need to update an existing one, consulting with a solicitor can help you navigate the complexities and create a document that meets your needs and complies with legal requirements.
If you would like to discuss this further, please feel free to contact our Wills, Life Planning and Probate department on 08082 587319 or fill out our online contact form.