WHAT ARE THE FIVE TOP REASONS TO MAKE A WILL?
Making a Will can be simple, easy and quick and provides you with the reassurance and comfort that your assets and estate will be distributed in the way that you want after you pass away. There are many reasons and benefits that you and your family will receive from making your will.
1. DISTRIBUTING YOUR ESTATE THE WAY YOU WANT
If you die without making a will then your estate is subject to the rules of intestacy, which are not only confusing but more importantly the intestacy rules might result in your estate being distributed in a different way to what you originally wanted or intended.
2. PREVENTING FAMILY DISPUTES
Making a Will also reduces the risk of family disputes from arising from uncertainty about your wishes or arising from intestacy. Making a Will makes your wishes and intentions crystal clear to your family what you want. It can also reduce the stress, worries, uncertainties and arguments or disputes that your family may have after your death.
3. PROTECTING YOUR LOVED ONES
With making a will you are able to protect the ones you love, especially if they are financially dependent upon you. Without a Will, it is possible that your loved ones might not receive what you wanted for them, despite what your best intentions might be. It is essential to make a Will to ensure the correct provisions are in place for the people who are important to you.
4. AVOID PAYING INHERITANCE TAX
By making a Will, you can also take steps to reduce or even avoid paying inheritance tax which can be charged against your estate at a whopping 40% tax rate. When making a will there are various ways to lower or even eradicate the amount of inheritance tax payable altogether.
5. PEACE OF MIND
Finally, perhaps the most important benefit you will receive from making a Will is to give you and your family the security, comfort and peace of mind that everything is sorted out and in order and that there will be no problems or complications arising from intestacy (dying without a will).