The fact is that a Will helps to protect your loved ones and ensures that your wishes are honoured after your death. There are a lot of benefits to writing a Will and here are the top reasons for doing it today.
1. Provide for your loved ones
A Will ensures that your money and assets go to the people who you want to inherit. Without a Will there is a strict order of inheritance under the Laws of Intestacy – and that may mean that the people you expect to inherit wouldn’t do so.
2. Protect your partner if you’re not married
If you and your partner aren’t married or in a civil partnership, they have no right to inherit your estate after you die, unless you leave it to them in your Will.
3. Decide who will look after your children
You can specify who you would like to take care of your children after you’re gone. Without a Will, the court wouldn’t know your wishes and would choose your children’s carers from family members or state-appointed guardians.
4. To reduce how much Inheritance Tax will be paid when you are gone
Writing a Will can help to reduce the amount of inheritance tax that has to be paid on your estate. Did you know that if you donate 10% of your estate to charity, Inheritance Tax is paid at 36% instead of at 40% on anything over the Inheritance Tax threshold?
Once you have provided for your loved ones, you can use your Will to donate money to causes that are close to your heart. Your generosity can live on through you if you leave a gift to a charity such as Anne Robson Trust in your Will.
5. Safeguard the family home
You may have specific wishes for who should inherit your home after your death. Stating this on your Will can help to avoid disputes between family members over the property. It is also possible use a Will to protect your share of a property from third parties such as a new partner, or care fees for your spouse after you are gone.
The bottom line is – it is always easier for those left behind if a Will exists.
Thank you to the wonderful Anne Robson Trust for this blog.