Why should you write a will?
Though it’s never nice to think about death, there are many good reasons for writing a will if you haven’t done so already, even if you don’t think you have very much to leave behind. Nobody knows when the worst might happen, but with a will in place, you can determine what will happen with your cash, assets, property and possessions whether you die expectedly or unexpectedly. A will can ensure your wishes are carried out after your death and that others, including the state, aren’t able to make decisions that you wouldn’t approve of on your behalf.
When you write a will, you can specify who your assets will go to, no matter how big and small they are. When there is no will in place, it becomes much harder for your friends and family to decide and agree on what to do with what you have left behind, which can cause upsetting levels of conflict. If there isn’t a will available, the levels of stress, uncertainty and conflict may be heightened dramatically. Therefore, wills ensure conflict and confusion are kept to a minimum.
If you don’t write a will, the law will decide where your assets go, with your assets and possessions being divided in a standard manner. This could mean cherished friends not being left with anything or family members you are not close to benefitting more than you would have liked. With a will, you can leave whatever you like to whoever you like, whether they are part of your family or not.
Wills can also reduce the level of Inheritance Tax due on your estate. At Nicholls Brimble Bhol, we have vast experience when it comes to helping people avoid the Inheritance Burden and reducing it as much as possible whilst remaining within the law. There are many channels we can take advantage of that can help you reduce Inheritance Tax for those left behind. You can also include Trusts in your will, which can reduce Inheritance Tax.
If you have children, it’s particularly important to make a will, especially if there will be no parent left behind for them after your death. You can use your will to determine who you want to look after your children until they are adults and can also instruct those left behind on whether you’d prefer a cremation or burial.
Your will can also be used to decide who gets the job of organising your estate. This person is known as the ‘executor’. You don’t need to name just one executor in your will – it might be a responsibility that you would like to share across a couple of trusted individuals.
Seek Legal Advice
It’s rarely wise to produce a will without legal help as the law can be incredibly complex. If you don’t have the knowledge you need, your document may not be legally binding as it may include mistakes or lack the clarity needed to make it valid. The more complicated your finances are, the more important it will be to get a professional solicitor on the case.
At Nicholls Brimble Bhol, we can help if you’re ready to put a will in place. Call 0333 016 1100 or send an e-mail to email@example.com for more information.