Here are five key benefits of having a will:
1. Allows control over distribution
A will allows you to specify how your assets (money, property, personal belongings, etc.) will be distributed. Without a will, the “intestacy laws” will dictate who inherits your estate, which could result in unintended beneficiaries receiving your assets.
2. Appoints a guardian for younger children
If you have children who are under 18, a will allows you to appoint a guardian to care for them in the event of your death. Without a will, the court will decide who will take guardianship.
3. Inheritance Tax considerations
A will can help ensure all allowances can be claimed and strategies utilised to reduce inheritance tax which is charged at 40% above certain thresholds.
4. Protects your business interests
If you own a business, a will is critical for outlining what happens to the business after your death. You can designate a successor to run the business or provide for its sale or dissolution.
5. Asset protection
Placing assets into a trust could shield them from being used to pay for a loved one’s care fees, protect them from vulnerable beneficiaries, and preserve them for your family.
Although there is no law to say you must have a will, it is a key tool for ensuring that your estate is distributed according to your wishes, reducing family disputes, and making sure your legacy is preserved in the way you intended.
A will can be homemade / written by yourself and is legally binding and valid only if signed and witnessed correctly. However, without a legal professional handling your will, this could go wrong and invalidate the will, and your assets and items that are important to you might not be protected in the way you had hoped.
Our specialist wills and wealth planning lawyers can offer specialist advice on creating a will and take the time to look at your family and financial circumstances to find out what is important to you.
For further guidance on creating a will please contact Ben Tyer, or a member of our wills team.
Here are five key benefits of having a will:
1. Allows control over distribution
A will allows you to specify how your assets (money, property, personal belongings, etc.) will be distributed. Without a will, the “intestacy laws” will dictate who inherits your estate, which could result in unintended beneficiaries receiving your assets.
2. Appoints a guardian for younger children
If you have children who are under 18, a will allows you to appoint a guardian to care for them in the event of your death. Without a will, the court will decide who will take guardianship.
3. Inheritance Tax considerations
A will can help ensure all allowances can be claimed and strategies utilised to reduce inheritance tax which is charged at 40% above certain thresholds.
4. Protects your business interests
If you own a business, a will is critical for outlining what happens to the business after your death. You can designate a successor to run the business or provide for its sale or dissolution.
5. Asset protection
Placing assets into a trust could shield them from being used to pay for a loved one’s care fees, protect them from vulnerable beneficiaries, and preserve them for your family.
Although there is no law to say you must have a will, it is a key tool for ensuring that your estate is distributed according to your wishes, reducing family disputes, and making sure your legacy is preserved in the way you intended.
A will can be homemade / written by yourself and is legally binding and valid only if signed and witnessed correctly. However, without a legal professional handling your will, this could go wrong and invalidate the will, and your assets and items that are important to you might not be protected in the way you had hoped.
Our specialist wills and wealth planning lawyers can offer specialist advice on creating a will and take the time to look at your family and financial circumstances to find out what is important to you.
For further guidance on creating a will please contact Ben Tyer, or a member of our wills team.