An essential part of protecting your assets for those you love is making your Will. Here are 10 reasons for Writing your Will.

1. Name the Guardians for your children

You can specify who should look after your dependents in the event of your death. Furthermore, you can appoint a Legal Guardian for anyone under 18 years of age. If you haven’t legally documented your wishes, the decision could e left to the Family Courts to appoint a Guardian. Importantly, even if you have named friends or family members to be your children’s godparents, this isn’t legally binding.

2. Wills for new Parents

New parents should ensure their children are provided for financially in the event of their own deaths. For example, this could include putting aside money for their education. Also, finance for hobbies or establishing a nest egg to buy a home.

3. Providing for your dependents, including step-children

The law states that only spouses, civil partners or blood relatives can automatically inherit if there is not a Will. Your step-children may be a big part of your life or even be your only children. But if you want to provide for them, you will need to write a Will. Notably, the same goes for foster children. Also, any other dependents who may rely on you for support.

4. Need to protect your unmarried partner

An unmarried partner is not entitled to inherit anything from your Estate. Regardless of how long you may have been together. Basically, without a Will, your Estate could pass to your young adult children who could choose to remove your partner from the property and sell it. By writing a Will, you can ensure your partner will receive their fair share of your Estate. Also you can stipulate the right for them to occupy the property for life, even if you bequeath the house to your children.

5. Safeguard your family home

If the family home is in your name, your unmarried partner and step-children are not automatically in line to inherit it. Accordingly, this could result in them potentially losing their home. Furthermore, you can leave them a share of the property in your Will or a right to reside in the property.

6. Mitigate the risk of family disputes

Regrettably, not every family has a harmonious relationship and we sometimes hear of squabbles if there is no Will. Moreover, contested Wills can be damaging to relationships among your family. As well as expensive to resolve if decisions about your Estate are legally contested.

7. Minimise your Estate’s Inheritance Tax liability

The amount of Inheritance Tax charged will depend on how much you have and who you leave it to. Ultimately, anything left to your spouse or civil partner will be automatically exempt from Inheritance Tax. Furthermore, leaving property to your children and grand-children is also likely to generate a lower Inheritance Tax bill.

8. Create a legal Will if you’ve recently married

When you marry, any existing Wil you may have will automatically become invalid in England and Wales. Subsequently, your Estate could end up spit between your new partner and children from a previous marriage. Unfortunately, getting divorced doesn’t override your Will. As a result, your ex-partner may still inherit from your Estate. Therefore, regularly having your Will reviewed to ensure it still reflects your situation and wishes is a good idea.

9. Put the people you trust in charge of your affairs

You can stipulate who you would like to settle your affairs when you have passed away. For example you will nominate named Executors to be in charge of carrying out your final wishes. Also, choosing your Executors allows you to select the people you must trust and for them to understand their role.

10. Taking care of your pets

Ultimately, people worry about what will happen to their much-loved pets if they were to die. Accordingly, you can state in your Will who you wish to look after them and make an allowance to ensure their care and upkeep.

For help in writing your Will, or amending your current Will, call us today. We can help 01603-957599.

We are proud members of the Society of Will Writers.