15 Reasons Why it is Important to Make a Will

As we start the beginning of a new year many people have made resolutions and plans that they try to stick to throughout the course of the year.

Living busy lives, many people try to make plans to be more organised or get their affairs in order at the beginning of the new year. This might include tackling your spending and saving habits, organising your home or sorting out all the life admin such as insurance policies and legal documents.

Making a Will is something that most people know they should do, but for whatever reason it doesn’t make it quite to the top of the priority list until much later in life or until there is a health scare which forces the issue. It is obviously not a sensible idea to leave something so important until a crisis.

Our Private Client Team often experience a busy period at the start of a new year, where people are determined to get their legal affairs in order or have spent time with family over Christmas and realised that relatives might need some organising – should we change the part which says that we are busy, only that I wonder if it might put people off coming to us if they think that we are too busy to take their instructions?

In this quick blog we share 15 reasons why you should make a Will.

Making your own Will allows you to make considered choices about how your estate is managed, who is responsible for the administration and who you would like to benefit from your estate when you pass away. Without making a Will you risk decisions being made by the Government or someone being appointed on your behalf. – shall we remove this, as detailed in next paragraph

If you do not make a Will then intestacy rules will be applied to decide how your estate will be managed and distributed. This may not be handled in the way you had intended.

Families can be complex and relationships can be complicated with modern families. Making a Will allows you to clearly set out who you intend to benefit. It can ensure that all your relevant loved ones are included and anyone that should be left out of your Will is – for example ex-spouses that you are not legally divorced from or relations that you do not speak to for one reason or another.

Being clear about your intentions can minimise family disagreements or upset when you pass away. It is easy to promise things to family members or for them to expect your estate to be handled in a certain way, but having clear instructions written down gives certainty.

If you were to pass away whilst your children were still young, then you can appoint legal guardians who would be responsible for their care and upbringing. God Parents are not legally bound to care for children, so they would need to be named in your Will, otherwise decisions could be made meaning they are placed in the care of a family member who may not have been your ideal choice.

If you have dependants who rely on you financially or for your care it is strongly advised to have a Will and consider putting assets into Trust to protect them.

Many people use their Will to express their funeral wishes. This can bring comfort to family members knowing that they are giving you the send off you had hoped for. If you feel very strongly about the type of funeral you would want down to the last detail, then it is advised to make a specific funeral plan.

Dying without a valid Will in place can make the probate process take longer as there is more administration. When a family is grieving, it can be helpful to progress matters as quickly as possible.

You will need to choose an executor/s who will carry out the administrative tasks relating to probate and be responsible for dividing the estate and distributing assets. This should be someone who you implicitly trust. If you die without a Will, you would not get the freedom to appoint someone of your choosing.

Over our lifetimes we accumulate a lot of personal, emotional items – whether of high value or sentimental value. From family heirlooms and pieces of expensive jewellery to holiday nick-nacks or photo albums - in your Will you can name specific beneficiaries to make sure that those items are passed to them. This could also include certain financial assets, shares, cars, property or a business.

Not something that too many have had to think about yet, but many people nowadays hold a lot of value in digital assets that could vanish or be left to linger in the web once you have gone. This could include social media accounts, music collections, bit coins, gambling accounts and online memberships. You can specify how you want these dealt with or left to manage in your Will.

By drafting a Will, you can include tax planning exercises, if appropriate to your circumstances.   Including a gift to a Charity will also reduce your estate for Inheritance Tax purposes and depending upon the value you leave, may reduce the rate of Inheritance Tax you pay.  – I have changed this paragraph, hope this is ok.

If you have made a clear, valid and professional Will with a Solicitor then you are far less likely to have your estate challenged after you have gone. Family members can argue that a Will is not fair if they are unhappy with their share or have been left out of a Will. The courts are generally more reluctant to interfere where someone has made a professional Will using a reputable firm of Solicitors.

We are a nation of animal lovers and should your pet out-live you it is comforting to know that provisions have been made and someone is appointed to take care of them.

If you have a charity that is close to your heart, then you might want to ringfence an amount as a gift or nominate a percentage or what is left after distribution to go to a worthy cause of your choice. As mentioned above, this also has tax benefits as the amount will be deducted from your estate before inheritance tax is calculated.

Making a Will

Not having a Will leaves you open to the risk of your assets not being managed or divided in the way you had intended. If you are thinking about making a Will then it is important to give some thought into how you would like your affairs to be managed, which you can start doing or making notes of before meeting with a Solicitor.

The cost of a Will can vary, depending on how straightforward or complex your circumstances are. For an idea on costs, please call our team who will be happy to talk through the process over the phone. Call us on 01256 844888.

There are many other businesses that can make Wills, however, they need to be approached with caution as they are not regulated in the same way that firms of Solicitors are. Whilst the Will might be cheaper, it may not be tailored to you and does not have any safety net should something go wrong.

If 2023 is the year that you decide to get your Will made or updated then please get in touch. To speak to a specialist Will Solicitor today, please call 01256 844888, email enquiries@lambbrooks.com or speak to our online chat assistant who is live on our website 24 hours a day.