Death and taxes are the two inevitabilities in this world – or, so said Benjamin Franklin. By creating a will, you can help to deal with the uncertainty that might surround your death. At the same time, you might be able to avoid some of the tax obligations that the event might incur for your next of kin.
As such, the creation of a will is a good idea – not just for those with vast estates to apportion, but for just about everyone.
Protecting Your Loved Ones
Following your death, in the absence of a will, your family members might have different views on your wishes. If you want to avoid this conflict, and protect good relations within your family, you can provide the certainty of a will. This will ensure that the assets are apportioned according to your wishes. Even those that don’t benefit as much as they otherwise would will have the consolation of knowing that at least your wishes have been respected.
Avoiding Intestacy Laws
When someone dies without having left a will, their estate will often be divided according to the intestacy rules – which might not align with your wishes. The rules generally state that the first £322,000 you leave will be claimed by your partner, along with half of what remains and all of your personal property. Everything else will be split between your children.
Of course, you might be unsure of exactly how to phrase your will. For the avoidance of uncertainty, it’s worth seeking professional legal advice from experienced will-writing solicitors to ensure the will is legally valid and comprehensive.
Appointing Executors and Guardians
In your will, you can name certain people to manage the estate on your behalf. This person is known as an executor. You can also stipulate who will act as guardian for your children. This will help to provide some certainty for their future. Ideally, however, you’ll ask the appointee before you appoint them – since a person cannot be forced unwillingly into a position of guardianship.
Keeping Your Will Up to Date
Of course, a will isn’t a fixed document. As your estate grows and shrinks, your will may need to be rewritten in order to reflect the changes. Thus, it’s a good idea to compose a will, and then to periodically reexamine it to ensure that it still accords with your wishes.
