Making a will is one of the most important jobs you will ever do.
We are all busy nowadays working hard and saving for the future. Do you know who would benefit from your estate if you died without making a Will? Dying without a Will is called dying intestate. In most circumstances, the people who are set to inherit through the rules of intestacy, are not always the individuals who you would have wanted.
Nobody wants to consider death, however, we all die one day and having a Will in place, will ensure your wishes are heard for the last time.
ADVANTAGES OF MAKING A WILL
1. Distribution of Assets
A Will allows you to specify how you want your assets to be distributed after your death. Without a Will, your property and possessions may be distributed according to laws, which may not align with your wishes.
2. Guardianship for Minor Children
If you have minor children, a Will allows you to name a guardian to care for them in the event of your death. Without a Will, the court will decide who should care for your children.
3. Avoid Intestacy Laws
When you die without a Will (intestate), the laws determine how your assets are distributed. This can result in a distribution that doesn’t align with your intentions and may create complications for your heirs.
4. Reduce Family Conflicts
A clear and legally-binding Will can help reduce disputes and conflicts among your family members. It provides clarity about your intentions and minimises the chances of disagreements.
5. Tax Planning
A Will can also be used for tax planning, ensuring that your estate is structured in a way that minimises tax liabilities, potentially saving your heirs money.
6. Choose an Executor
You can select an executor in your Will, someone you trust to manage the distribution of your assets and ensure your wishes are carried out efficiently.
7. Gifts and Charitable Donations
You can use your Will to leave gifts to specific individuals or charities that are important to you.
8. Pets
If you have pets, you can designate a caretaker for them in your Will and provide funds for their care.
9. Protecting Unmarried Partners
If you are in a committed but unmarried relationship, a Will can ensure that your partner receives assets and benefits, as intestacy laws do not recognise them.
10. Peace of Mind
Perhaps most importantly, creating a Will provides you with peace of mind, knowing that your wishes will be followed, your loved ones will be taken care of, and your legacy will be preserved as you intended.
MISCONCEPTIONS
A common misconception is that unmarried couples that have been in a relationship for a long time, will benefit from their partner’s estate on death. Unfortunately, this is not the case! You would have died intestate and the rules of intestacy will apply. In most cases, this is not how people would have wanted their estate dealt with.
We understand the making a Will is a significant step in planning for the future, and we’re here to guide you through the process. We are committed to making the Will-writing journey as straightforward and reassuring as possible. Your peace of mind is our priority, and we look forward to assisting you in safeguarding your assets and providing for those you cherish most.