Why you should have a Will ready
Having your own will is a must. It saves you a lot of trouble and ensures that your family will live have a secure future. It involves sensible distribution of your assets among the members of your family or anyone you think is worthy of receiving them. It does not matter whether an asset is small or large, it can be distributed. No matter what you think, will writing is a must. Given below are 10 reasons why you should contemplate getting a will ready sooner than later and keep it updated as time passes by.
1.) Full control over distribution of the assets:
When you decide to make a will, you get complete control over the distribution of the assets. You get to decide which family member gets what asset. You also get to decide how much each member will be eligible to receive. You can distribute almost any asset which holds dear to your heart. It could be an object that is dear to you, like a personal belonging. It could also be pets and can go all the way up to property.
What happens if you die without making a will? Everything that you own will be distributed to members of the family as per the laws on intestacy. This simply means that your personal wishes will not be fulfilled. Your belongings could be gone to any random family member and not to the person you would have liked it to go to. This means that some distant relative who had never been in touch with you all your life could be entitled to get your assets. This is completely undesirable and therefore, leaving behind a will is a must.
2.) Ensures certainty:
When a will has been made, there is no room for ambiguity. It clears the air and keeps unwarranted arguments between family members and others at bay.
3.) Minimising of inheritance tax:
Tax planning can be done more carefully with the help of a will. Good tax planning is always ignored by people. Making a will ensures that your assets are distributed in a tax efficient way. This eliminates a situation wherein the assets may have to be sold to discharge large tax liabilities.
4.) Appointment of guardians to look after the children:
This is one of the reasons why you must take up will writing. Young children need a guardian to look after them. With the help of a will, you can decide who your children’s guardian will be. A guardian steps in the event of death of the parents. With the will, you can choose a person who you think will make a good guardian and take care of your children just the way you would.
5.) You can decide your funeral arrangements:
Most people like a burial for a funeral. Some may opt for cremation. It may sound dark and gruesome but a will gives you the freedom to decide what type of a funeral you would like to have. You can write down the details in the will. In the absence of a will, your well wishers may never know the type of funeral you wanted.
6.) Partners are not entitled to the property:
The law states that if you stay with your partner but are not married, you cannot distribute any asset to them unless you have it mentioned in your will.
7.) Changes can be made to the will:
There are certain remarkable events that may take place in your life and you may want to make changes to your will as per these events. For instance, marriage, children or divorce are certain factors that can affect your decisions and making a will gives you full flexibility to change these details.
Author’s bio:
Justin is an attorney and he specialises in providing tips on who can contest a will. He believes that making a will is as important as breathing air. It determines how your loved ones’ lives will be shaped once you are gone. He recommends everyone to get a will made. You can visit our site to get more tips from DisputingWills.co.uk
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Category: Law
