Why should I have a Will?

Having a will is crucial for ensuring that your wishes regarding the distribution of your estate are respected and carried out after your death. Here are nine key reasons why you should have a will:

1. Control over the distribution of your assets

A will allows you to specify who you want to receive your assets, such as your property, money, and personal belongings and at what age you would like them to inherit.

2. Appointing executors

You can choose the individuals you trust to act as your Executors. They will be responsible for administering your estate and ensuring your wishes are carried out.

3. Guardianship of minor children

A will enables you to appoint guardians for your minor children, ensuring that they are cared for by people you trust. Without a will, the court will decide who will look after your children, and they may not choose those you would want to act.

4. Minimising family disputes

By clearly stating your wishes, you can help prevent disputes among family members over the distribution of your estate. A valid will also reduces the likelihood of challenges and misunderstandings about your intentions.

5. Tax efficiency

Once one of our experienced advisers understands your position and your wishes they can advise you on the will options available to you and also explain ways in which you can minimise tax, including inheritance tax and protect against care fees.

6. Protection for unmarried partners

Unmarried partners do not automatically inherit under the rules of intestacy. By having a will, you can ensure they are provided for according to your wishes.

7. Setting up trusts

We can advise you on the types of trusts you can have in your will. These are often included to provide protection for beneficiaries, such as minor children or vulnerable adults, and they can also be used to protect against care fees in certain situations, bankruptcy and divorce. Read our article here.

8. Specifying funeral wishes

You can specify your wishes for your funeral, such as burial or cremation, and any other specific requests. Providing instructions can relieve your family of the burden of making these decisions at a difficult time.

9. Flexibility and updates

We would advise that you review your will every 5 years or after any significant changes in your circumstances, such as marriage, the birth of a child or divorce.