Over the past couple of months we’ve been looking at various aspects of estate planning and preparing for when you’re gone. Hopefully by now you’ve got the message and have booked an appointment to go and make a will at the very least. But if we’ve still not convinced you, here are our top 10 reasons to go and make a will sooner rather than later:

Ten reasons for making a will:

  1. A will allows you to leave clear instructions on how your estate is to be distributed. Without one it is the Law that will decide what happens and it may not go to the people you have chosen.
  2. A will lets you choose who is responsible for administering your estate (your executor). Without one, your closest relatives will need to apply to the Court to have someone appointed to do this. Hassle.
  3. If you are unmarried, your partner may not receive anything from your estate, unless you have made a will stating that this is what you wish.
  4. Dying without a will may lead to unpleasant disputes between family members. Something we’d all rather avoid.
  5. If you have remarried, a will can ensure any children from your first marriage get a share of your estate.
  6. A will allows you to appoint guardians for your children if they are under 18, until they come of age, and to make financial arrangements of them.
  7. A will lets you leave specific items to individuals; this may be anything from a car to cash.
  8. If your estate is distributed without a will, your spouse or civil partner may not receive as much as you would have liked them to. A will allows you to specify exactly what they will receive on your death.
  9. Dying without a will may mean your parents or siblings inheriting your estate, even if you would have preferred it to go somewhere else.
  10. With no will in place, your loved ones could face a larger inheritance bill than would otherwise have been the case as a will can help with tax planning.

How can you argue with all that? Not getting round to it isn’t really a good enough excuse. A couple of hours now could save a lot of time further down the line. It can take years to sort out someone’s estate if they die without a will. It’s your closest family that would bear the brunt of that.

So help them, and help yourself. Call our friend Ann-Marie Matthews at Barker Gotelee Solicitors on 01473 350574 or email [email protected] and let her know that we sent you. She can help you sort it all out.

 

This article is for general use only and is not intended to address your particular requirements. It should not be relied upon in its entirety and shall not be deemed to be or constitute advice.

GreenSky Wealth Limited is authorised and regulated by the Financial Conduct Authority. FCA No. 629624. Registered Office as above. Registered in England and Wales, Company No. 07103441. The Financial Conduct Authority does not regulate Tax Advice, Wills or Estate Planning.