The Risks Of Not Writing A Will

A lot of people forget to write a will and some others simply think there’s no need, but this brings with it a number of risks.

Not writing a will can cause a lot of problems and it may result in your possessions being divided up in a way you wouldn’t have wanted.

Plus, it can cause a lot of avoidable stress and confusion for friends and family.

That is why it’s always best to have a will in place.

Why should you write a will?

There are a number of reasons why you should write a will, though many individuals still fail to do so – assuming that they either don’t need to do so or don’t have the time.

However, writing a will has a number of benefits and offers many guarantees for after you are gone.

Having a will in place makes it a lot easier for family and friends to organise your finances, belongings and estate.

Without a will, this process is often time consuming and stressful. Plus, it can lead to a lot of uncertainty and confusion.

Without a will, everything you own will be shared equally in the way that the law suggests.

Though this may be ideal for some people, most individuals find that this goes against their wishes.

In short, writing a will makes sure that everything you own goes to the people you want it to.

If you have someone who depends on you financially, whether that be a child or spouse, writing a will becomes especially important.

Having a will in place will ensure they are taken care of financially after you have passed away.

Not only does this benefit them, but you can rest assured that they will be taken care of in the event of anything happening to you.

A will is the best way to make sure your money, property and belongings go to the right people.

It offers you the chance to specifically state who gets what.

If you want to leave something to someone outside of your immediate family, it needs to be stated in a will.

Everything you own is shared amongst immediate family members after you die and if you want anyone else included, you must state it in a will.

Writing a will can help to reduce the amount of Inheritance Tax and other fees that are payable on any property or money you have.

This can help loved ones to keep as much as possible.

As you can see, there are a number of risks that come with not writing a will.

Therefore, it’s always in your own and your loved one’s best interests to have one in place.

Writing a will is the very best way to make sure everything is taken care of after you die.

Stephen Coleclough

Stephen Coleclough is a leading international tax adviser who specialises in dealing with ultra high net worth individuals.

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