Paul Fursman
Legal
Why Everyone Needs a Will
In today’s fast-paced world, it’s easy to put off important tasks, and writing a Will is often one of them.
However, having a Will is crucial for ensuring your wishes are carried out after your death and providing peace of mind to your loved ones. In this guide we’ll explore the importance of having a Will, and the steps to take in order to secure your legacy.
Why Do You Need a Will?
A Will is a legal document that outlines how your things, known as your estate, should be shared out after your death. Your estate includes your property, money, and personal possessions. Even if you don’t consider yourself wealthy, having a Will ensures that your wishes are respected, and your loved ones are taken care of. Without a Will, your estate will be distributed according to a pre-determined set of rules, known as the intestacy rules, which may not align with your desires. You could also find your estate pays more tax than it otherwise would if you had a Will.
Benefits of Writing a Will
Writing a Will offers several benefits beyond determining who receives your estate. Firstly, if you live with a partner without being married or in a civil partnership, they won’t automatically inherit your estate without a Will. Secondly, if you have young children, a Will allows you to nominate a legal guardian who will care for them in the event of your passing. Additionally, a Will enables you to express your funeral wishes and can help reduce or eliminate inheritance tax.
Consequences of Dying Without a Will
Dying without a Will, known as intestate, can lead to complications and unintended consequences. The intestacy rules determine how your estate will pass and these rules may not align with your preferences. For example, if you have a spouse they may not receive your whole estate and they could also be forced to sell assets to pay inheritance tax. With a Will, those issues can be avoided.
The Will-Writing Process
Before your appointment, it’s helpful to gather relevant information that will assist in the Will-writing process. This includes details about your assets, such as property, savings, investments, and valuable possessions. You should also consider any debts or financial responsibilities you have, such as a mortgage.
Consultation with a lawyer
During your appointment, the expert lawyer will guide you through the Will-writing process. They will ask you a series of questions to understand your wishes and ensure your Will accurately reflects your intentions. The solicitor will provide advice on legal matters based on your unique circumstances, including inheritance tax implications. After the consultation, the solicitor will draft your Will and make sure it is completed correctly to ensure it is valid.
Planning Beyond a Will
Power of Attorney
While a Will is an essential component of estate planning, having a lasting power of attorney can be just as important. This is legal document used to appoint a trusted individual to make certain decisions on your behalf for tasks you require help with or if you become incapacitated. By appointing someone you trust as your attorney, you can have peace of mind knowing that your affairs will be handled according to your wishes.
Periodic Review and Updates
Creating a Will is not a one-time task. Significant events such as marriage, divorce, birth, or death in the family may necessitate modifications to your Will.
Manzurul Islam, Head of Wills & Probate at Mullis & Peake LLP, said:
“Writing a Will is a crucial step in securing your legacy and ensuring your wishes are respected. It can help ensure your family is cared for after you pass and that your wealth passes in a tax efficient way, allowing your loved ones and the causes you care about to have the maximum benefit with minimum fuss. Otherwise dying without a Will could cost your estate more in tax and costs. It is something that I would recommend to almost everyone.”