Wills are the ultimate form of insurance because they allow you to control what happens to your possessions, including your home and your valuables, after you die, as well as who gets to decide on how your final wishes are carried out after you die. However, many people either don’t write wills at all or don’t think about writing one until it’s too late, which can have disastrous results for their loved ones. To ensure that nothing bad will happen to your loved ones if you die, consider these five reasons why you should write a will today.
1) Prevent family disputes
Your death is something you would like to avoid as much as possible, so it’s good to think about what would happen in that event. Writing a will can help prevent family disputes after your death, giving you peace of mind during your lifetime. However, if there are people dependent on you or if your last wishes may cause dispute among family members after your death, it’s best to consult with family solicitors chester for their legal assistance.
2) Keep your estate where it belongs
By writing a will, you’re able to ensure that your assets pass along to your family and loved ones in accordance with your wishes. Without one, your estate could get tied up in red tape for years – or even lost completely. Family lawyers have expert knowledge of wills, probate and inheritance law. They can ensure legal aid and ensure that your affairs are in order so that no legal wrangling takes place after you’ve passed away.
3) Avoid wasting tax-free allowances
As a single person, if you die without making any provisions for others, your estate is subject to IHT. If you have children who rely on you for support and there is no other way of guaranteeing they will be taken care of financially, it’s important to speak to solicitors about how your assets can be passed on tax-free.
4) Keep everything together
One of the most frequent reasons people don’t write a will is that they think it would be too hard to keep track of everything. There are tools out there, like solicitors that can help organise your assets and details of your wishes. Although it may not be fun to think about these things, if you care about your family or have dependents, writing a will is something everyone should consider.
5) Avoid probate fees
When you die, your property gets passed down to your next of kin. If there’s no will in place, someone will have to apply for probate – and that’s expensive. The fees can often run into thousands of pounds, which means more costs for your family at an already-difficult time. It’s an added expense that could be easily avoided if you had planned ahead and written a will.
Writing a will is one of those things that people always put off because they haven’t got around to it or aren’t sure who they want to leave their assets to. But if you have dependents, you should write a will as soon as possible.
