The Top Reasons To Write A Will

Writing a will is something that often gets overlooked or put off for a long time.

However, it is important to have a plan set in place for when you pass away in order to ensure that your belongings are dealt with accordingly and your loved ones are taken care of.

Whether you own a massive estate or you simply want to ensure that your savings or pension goes towards covering costs that your family will incur, having a will is vital.

Here are some of the reasons why you should write a will.

Keep your possessions in the family

As it stands, the current ruling on unclaimed possessions or estate that hasn’t been specifically appointed to someone states that it can be sold off or claimed by the government.

This means that if you fail to write a will, your family could stand to lose out on the possessions or inheritance you leave behind.

This has happened on multiple occasions so it’s important that you’re prepared.

Save any arguments

Losing a loved one is a very difficult ordeal for any family and sometimes the grief can cause arguments to arise regarding the distribution of your estate.

If you fail to write a will, it may lead to arguments and divides within the family.

To help make sure this doesn’t happen, it’s vital that you clearly state who gets what and where all of your assets will go after you have passed away.

Look after your kids

Writing a will is not only about dishing out your savings or deciding who will get your possessions after you pass away.

It is also how you can ensure your children are looked after and more importantly, who will be looking after them when you’re gone.

In the unfortunate event of an accident, it’s important that you have laid out clear instructions regarding your children’s care otherwise they may end up in the care system.

Save money

Current legislation regarding inheritance tax means that you may be taxed excessive amounts if you have not taken measures to avoid it.

By seeking professional advice, you can craft an effective will that takes advantage of avoidable taxes and fees in order to maximise the amount your family will be entitled to.

Help with funeral costs

Planning and organising a funeral can be a very stressful and expensive ordeal which is only made worse by the grief of losing a loved one.

In order to make sure that your loved ones are able to cover the costs, it’s important that you lay out a will so your savings or life insurance can help out financially.

Stephen Coleclough

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

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