A will is essentially a legal document that states what you would wish to do with your possessions once you pass away. This includes things such as financial assets such as shares and houses, and even the smallest of your items like stamps collections and coins. You can choose who you want to see these things go to which includes, friends, relatives and even charities you wish to support. In this article, we will look at a few of the main reasons for making a will
If you do not have a will, it will be for the law to decide how your items will be split up. This means that the people you did not want to receive your money will end up getting it or maybe the charities you wanted to support will have nothing from you.
If your children happen to be under 18 when you die, you will need to put in the will, who will be their legal guardian. If the other parent is alive, this may not be a problem but if they are not and you wish for them to be looked after somebody else such as a friend or a relative, then you will need to put this down in your will. This prevents your children from going social services to find a carer.
If you are not married, your partner will not get a share of your possessions automatically. If you happen to have a surviving relative, they may end up taking all of your possessions. If you write a will, your beloved partner will get a share of exactly what you want.
If you take the right advice from a solicitor, you will be able to reduce the amount if inheritance tax that is often paid when you pass away. Without a will, the beneficiaries may be exposed to much higher tax levels on the inheritance.
Ideally, with a will, you will be able to choose and executor, basically someone who will divide your items between the beneficiaries you have chosen. If you do not write a will, you will not appoint an executor, and you may have an undesirable person trawling through your possessions.
These are just some of the main reasons as to why making a will is important, there are many more, including intricate financial details. Therefore, it is advisable that everyone has a will so that their wishes upon their possessions may be made upon passing away.