A Will is a legal document that allows you to state how you want your assets and estate to be distributed after you die. In England and Wales, there are 6 important reasons why you need to write a Will.
Writing a Will is the only way to ensure that your wishes are carried out after you pass away. Without a Will, your die intestate. This means your estate will be distributed according to the rules of intestacy – which may not reflect your wishes. Writing a Will also allows you to name an executor or executors (often people you trust), who will ensure that your wishes are carried out.
SLS Wills and More has compiled 6 of the most important reasons why it’s important for you to write a Will if you live in England and Wales:
1. To make sure your assets are distributed as you wish – Writing a Will allows you to specify exactly how your assets and estate should be distributed, ensuring that they go to the people or charity of your choice.
2. To ensure that any young children are provided for – If you have young children, a Will is essential in order to appoint guardians who will look after them if both parents pass away.
3. To protect vulnerable beneficiaries – A Will can provide protection if you are leaving assets to someone who may not be able to manage their own affairs by using trust arrangements. This can help them benefit from the inheritance without it being squandered or taken advantage of.
4. To minimise or mitigate an Inheritance Tax liability – It’s possible to reduce your Inheritance Tax bill with careful planning, which should be outlined in your Will. This is a very complex subject and often we work with you, your accountant or your financial adviser to ensure that your planning isn’t detrimental in any way.
5. To set up a trust fund – A Will allows you to establish a trust to provide funds for the education and maintenance of any children or grandchildren, while also avoiding inheritance tax liabilities.
6. To make sure everything runs smoothly – If you are seriously ill, it’s important to write a Will so that in the event of your death your wishes will be clear and there won’t be any disagreements between family members about how things should be divided up.
This is not an exhaustive list, but SLS Wills and More believes the 6 reasons above are the most important when it comes to writing a Will in England and Wales.
Writing a Will can ensure that your wishes are carried out after you pass away and SLS Wills and More can help you write one today! Contact us now to find out more about our services.
