Making a will supports and protects your loved ones after you die. It also ensures that your estate and assets are allocated legally. In this article we look at seven important reasons you need to have a valid will before you die.
1. Managing the estate
When writing a will you need to appoint an executor, this is the person who will oversee the estate and affairs. The responsibility of the executor can vary but ultimately they will manage everything from closing bank accounts to liquidating your assets. When choosing an executor choose someone who you trust to carry out these tasks.
2. Inheritance tax
When a person dies inheritance tax will need to be paid. IHT as it’s also known is calculated and charged depending on the value of the estate and assets. If you are planning on leaving your spouse or partner anything this will be exempt from inheritance tax and will also be lower if you leave any property to your children and grandchildren.
3. Custody of children
If you’re a parent then you will need to nominate a guardian which can be done via the will. If both parents die then this is a very important part of the will and again is something that needs to be considered.
4. Digital assets
In a world dependent on technology accounts such as Facebook, email and other digital logins will need to be looked after. You can provide this specific information in your will and what action you would like taken such as if you want all the accounts to be closed down.
5. Family arguments
The distribution of assets and property can be a major headache if you do not have a will and may lead to arguments between family. Having a will takes away all of these problems and stops people assuming what they are entitled to.
6. Support charities
If you have been supporting a charity, then a will is the perfect way to leave a positive impact after your death. In your will you can leave a portion of your assets to your chosen charity.
7. Planning the funeral
Thinking about your funeral might seem morbid but it is still an important consideration. In your will you can leave instructions for your executor as to how the proceedings are run which will take a portion of the burden away from family and friends.
Planning a will is a big commitment but one that you should take seriously. If you would like more information about creating a will, you can speak to one of the team here or call us direct on 020 3778 0973 or email email@example.com