Death is something us humans prefer to avoid. Talking about it makes us feel uncomfortable, thinking about it does too. It’s not a glamorous topic, but it is one of life’s inevitable events. Unfortunately, we will all pass on, and whether you believe in reincarnation or the spirit world, we all need to make sure we have prepared for our deaths.
Writing a will is the first place you should start, these days, they are quick and easy and you can even write your will online! So why is it so important for us to write a will?
Why we should all be writing our wills
It Makes Life Easier for Those You Leave Behind
It’s a sad thought, but it’s also true. When you die, your family and friends will be left to organise your funeral service, your estate and your belongings. Without a will this process can be much more time-consuming and indeed, more stressful. A will removes the hassle for your loved ones.
You’ll Be in Control of Your Estate
If you don’t write a will, your estate will be handed over to the law and they will decide what happens. This can cause a lot of upset and it might not be shared out the way you would have intended. Writing a will avoids this, as you’ll decide who gets what when you die.
It Can Help Reduce Inheritance Tax
A will can also help to reduce the overall amount of inheritance tax that may be required to pay on the value of the estate you leave behind. You can ‘beat’ Inheritance Tax by giving away your assets, setting up a trust or changing your will. It is however important that you make sure you pay attention to the legal details and tax consequences.
To Appoint a Guardian to Your Children
Wills don’t just deal with the financial side of your life, they’re also important if you have children who still require a legal guardian. You may state in your will who the guardian of your children should be if anything were to happen to you. It’s a thought we never want to process, but it’s better to be safe than sorry. You can be comfortable in the knowledge that if the worst were to happen, your children would be well looked after.
It Will Give You Peace of Mind
Writing your will is a relief and a big tick off your to-do list. You can rest easy in the knowledge that you have a plan in place for how your future affairs are handled. Don’t panic about writing it, it won’t necessarily have to stay set in stone, as you are able to make changes to your will whilst you’re still well. If your assets change, you change your mind, or your marriage breaks down, you can make the necessary updates.
It’s not an enjoyable topic by any means, but the sooner you get your will in the place the more relieved you’ll feel! If you have any questions, consult a specialist for advice.