10 Reasons Why You Should Have A Will
These are the top 10 reasons why you need to have a will made before you die.
- Your Peace of Mind: By writing your will now you will know that your affairs are in order and your family will not have to look for the documents that you have gathered over your life in order to put things straight.
- You Control Who Gets What: If you do not write a will then your estate will be split by the executors of your will. However you have the opportunity to say before you die how you would like your estate to be divided and you can make sure that any items of yours that you wish to make presents of to your loved ones can be made.
- Your Funeral Arrangements: Arranging a funeral for a close loved one can be extremely upsetting and stressful. By writing you will you could make your wishes known and even pre-arrange some aspects of the ceremony. Making sure your wishes are expressed in your will is vital if you are thinking of bowing out in a unique way.
- Use the will to appoint Guardians: As well as distributing your assets wills are vital if you have children under the age of 18. This could be one of the most important decisions you make and you can only make it in your will.
- Limit The Tax: If your estate is worth more than the Inheritance Tax Limit then your loved ones may be forced to pay tax at 40% on your inheritance after your death. A carefully drawn will could minimise this likelihood.
- Choosing a Personal Representative: You can choose who should execute your will and by setting this out in your will you can choose who you think is the best placed to ensure that all your debts are paid and your assets are distributed according to your wishes. Also, if you decide your own executor then you can discuss your affairs with them before the time comes.
- Protect your Partner: If you are not actually married or in a civil partnership and you do not make a will then you long term partner will not benefit from your estate.
- Nominate the Beneficiary: If you have no family then your estate may revert to the crown - why should the government get your money when you could give it to your favourite charity.
- Don't Leave it Too Late: You do not know what the future holds and so writing a will now while you are competent and healthy will ensure that your final wishes are recorded.
- Keep it Current: Even if you already have a will you should rewrite it whenever there is a major change in your circumstances.
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