Thinking about writing a will may not be the most exciting task. In fact, it can be upsetting for many, but it is one of the most responsible and essential things you can do for yourself and your loved ones. Many people delay it, assuming they have plenty of time, but unexpected circumstances can arise at any moment. However, the reality is that making a will is one of the most responsible steps you can take, regardless of your age or financial situation. Keep reading to learn more about why there’s no better time than the present to draft your will.
1. Protection for Your Loved Ones
One of the main reasons to write a will is to provide for your family and loved ones after your passing. It ensures your spouse, children, or dependents receive their rightful share, whereas without a legally binding will, your assets could be distributed in a way that does not align with your wishes, and they could miss out. What’s worse is that if you have children under the age of 18 and you haven’t named legal guardians who would care for them if something happens to you, the courts may decide who should take on this role, and it could be completely the wrong choice for them.
2. To Avoid The UK Intestacy Rules Deciding for You
Dying without a will means that the legal system will decide how your estate is distributed, and according to the UK’s intestacy laws, this means:
- Only married, civil partners and close relatives may inherit.
- Unmarried partners, stepchildren, and friends will not automatically receive anything.
- The government may take your estate if no eligible relatives are found.
Not to mention, this process can be lengthy, expensive, and stressful for your heirs. By creating a will now, you:
- Reduce the legal burden on your loved ones.
- Ensure an efficient transition of your estate.
- Minimise potential disputes and conflicts over assets.
Ultimately, you can ensure that your assets go to the people and causes you care about most. Even if you already have a will, it’s essential to update it regularly, especially after major life events such as new marriage, divorce, the birth of children, adoption, or acquiring new assets. Reviewing your will ensures that it remains relevant and reflects your current wishes.
3. Take Advantage of Free Will Writing Services
Many people hesitate to create a will due to the perceived cost of legal services. However, writing a will for free is now easier than ever. There are various online platforms, nonprofit organisations, and even law firms that offer free or affordable will-writing services. You can create a legally valid will without breaking the bank by utilizing these resources.
4. Gain Peace of Mind
Creating a will gives you peace of mind, knowing that you have taken steps to protect your family and loved ones. It eliminates uncertainty, reduces stress, and provides reassurance that your affairs are in order. Clearly stating who should inherit your assets can reduce the risk of legal disputes, allowing you to move on peacefully, knowing you have done everything you can to avoid family disputes and minimise conflicts.
5. Reduce Inheritance Tax Liabilities
Inheritance Tax (IHT) in the UK currently applies to estates worth over £325,000, with a 40% tax rate on amounts above this threshold. However, by planning your estate properly through a will, you can:
- Make tax-efficient gifts to family members.
- Leave your assets to a spouse or civil partner tax-free.
- Donate to charity to reduce your overall tax bill.
Proper estate planning ensures that more of your hard-earned wealth goes to your loved ones rather than the taxman. There’s no better time than now to write your will. Whether you choose a professional service or explore options for writing a will for free, taking this step ensures that your wishes are honored, your loved ones are cared for, and unnecessary legal complications are avoided. Don’t wait—start your will today and secure your legacy.