A 2017 research by Unbiased found that 60% of British adults, which was equivalent to more than 31 million, didn’t have a will. Imagine what a great risk all these people were at since dying intestate would mean their estates getting distributed only according to the nation’s intestacy rules. It’s obvious why people defer making a will. Discussing death is uncomfortable, especially when it’s your own mortality that you want to talk about. Yet, it’s better to draft a will to ensure your estate and other assets are distributed among those whom you care about. If you’re still in a dilemma, here are the top seven reasons why you should no longer postpone drafting a will:
- Exercise complete control: Drafting a will gives you control over deciding what gets passed on to whom. Whether you’ve got an estate, a company, or other assets, drafting a will would give you the opportunity to decide who’ll be entitled to receive which part of your property, money, and other assets.
- Avoid future problems triggered by the intestacy law: Imagine your company going to a relative having no experience of running it. Or your estate going to your spouse who no longer lives with you but isn’t divorced yet. Not making a will would bring the intestacy rules into effect, which could cause these undesirable results. To avoid such a situation, you should draft your will.
- Secure the future of your loved ones: Dying intestate may jeopardize your partner’s future if s/he is not married or isn’t in a civil partnership with you as s/he won’t have any automatic right to inherit. Even your children could have a hard time fending for themselves if there’s no will. Since only spouses or blood relatives can inherit automatically, your step-children won’t get anything unless you draft a will to provide for them.
- Secure your family home: Your unmarried partner or step-children won’t automatically inherit your family home if it’s in your name and you die intestate. A will would help you to give them a right to live in or a share in the property.
- Steer clear of family disputes: Dying intestate could trigger arguments and fights among family members and other claimants. These could get ugly and expensive if the parties involved decide to contest their opponents’ claim legally. Drafting a will and making your wish clear regarding who’ll get what share of your property, money, and other belongings can help avoid such a situation.
- Reduce inheritance tax: If you leave no will behind, intestacy rules would guide how your assets get distributed. This could make them liable to inheritance tax (IHT). But having to pay such tax would decrease the amount of estate that finally reaches the hands of your heirs. You could avoid this by drafting a will and using exemptions and reliefs, where applicable. For instance, you may transfer the nil-rate IHT band to your civil partner or spouse on death to either avoid paying inheritance tax or reduce the payable amount.
- Plan your funeral: You may have specific wishes to be cremated or buried, or how your funeral proceedings should be, or what music you prefer to be played. You could include all these instructions in your will to ensure your funeral is just like you want it to be.
Are you ready to draft your will? Let us help you navigate the process to ensure your wealth, property, and other assets are in order and your loved ones are taken care of.
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