Reasons for making a will
4th Oct 2023 Wills & POA
2 min read
A will is a legal document you create that sets out instructions for who will inherit your estate and what should happen after you die. It includes what sort of funeral you would like, how you would like your possessions to be distributed, as well as other wishes, like who should bring up your children, if you have them.
Sometimes
known as your last will and testament, it's a legally-binding document - but if
you don't prepare it properly, it may not be valid.
You
are free to write your will yourself, but if you have a complicated estate, or
simply want help, you can enlist the support of a solicitor or expert
will-writer.
As
many as 60% of people don't have wills, by some estimates. If you die without
one, your estate will be distributed according to strict rules, meaning the
people you care about may lose out.
Top
reasons for needing a will:
Ensure your family is provided for financially
As
well as saying who will raise your children, you can make plans to provide for
their future financially. This might include putting aside money for their
education, making sure they receive a set amount each year for clothing or
hobbies, or establishing a nest egg to buy a home.
You
may wish to consider setting up a trust to provide for your children, as this
gives you an element of control over when your children receive the money, and
what it gets used for.
There
are two ways to set up a trust: you can either establish it while you are still
alive, or leave instructions for it to be established when you pass away.
Find
out more: will
writing for new parents
Protect your partner if you're unmarried
Unmarried
partners aren't entitled to anything from your estate unless specifically
stated in your will - no matter how long you've been together.
Writing
a will ensures your partner will receive their fair share of your estate.
Safeguard your family home
If
the family home is in your name, your unmarried partner and step-children
aren't automatically in line to inherit it if you die without a will - meaning
they may lose their home.
You
can leave them a share of the property in your will, or a right to reside in
the property.
Head off family disputes
Dividing
up an estate can sadly sometimes lead to squabbles and arguments among your
survivors if there is no will or your wishes aren't made clear.
Contested
wills can be damaging to relationships among your family, and can also be
expensive if decisions about your estate are legally contested.
A
well-prepared will can help avoid these arguments, and avoid making your
passing even more stressful for your survivors.
Say who you want to look after your pets
If
you have dogs, cats, or any other pets, they may also need to be looked after
if you pass away.
A
handful of dogs have inherited fortunes, such as German Shepherd Gunther IV,
who received a nine-figure sum from his deceased owner in 1992. But it's more
common to choose someone to look after them, and put some money aside to feed
them and look after their health.
Pay less inheritance tax than you might have to
The
amount of inheritance tax that will be charged from your estate depends on how
much you have, and also who you leave it to.
Anything
left to your spouse or civil partner should be automatically exempt from
inheritance tax.
Find
out more: Inheritance
tax: thresholds, rates and who pays
Are you planning to make a will? As a Reader's Digest customer, you can
use any of Which?'s will writing services and get a 20% discount
Image of a discount offer for Which? wills
Read more: How do I make a will?
Read more: Ways to reduce Inheritance tax
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