Have you thought about who you would like to inherit from your estate when you die? Family? Friends? Or even charity? If you do not execute a Will, then your estate will follow the rules of intestacy, meaning your wishes may not be carried out.
A Will is a legal document that outlines how a person’s estate should be distributed after their death. It allows the testator, the person making the Will, to specify their wishes regarding the appointment of executors, the appointment of a guardian for minor children and the distribution of their residuary estate.
Why make a Will?
Drafting a Will is important for a number of reasons, particularly in ensuring that your wishes are respected and that your estate is managed in accordance with your instructions after your death.
Some key reasons why it is important to draft a Will are as follows:
1. Control Over Asset Distribution
A Will allows you to specify who will inherit your assets, ensuring that your estate, which may include property, is distributed according to your wishes. Without a Will, your estate will be distributed according to the intestacy rules, which may not align with your preferences.
2. Appoint Guardians for Minor Children
You can appoint guardians for your minor children, ensuring that they are cared for by someone you trust.
3. Minimise Family Disputes
A clearly drafted Will can help minimise disputes among family members by clearly outlining your wishes.
4. Tax Planning
A Will can be used as part of your estate planning to minimise inheritance tax liabilities, ensuring that more of your estate goes to your beneficiaries.
5. Charitable Donations
You can include provisions for charitable donations, allowing you to support causes that are important to you, even after your death.
6. Special Instructions
A Will also allows you to include special instructions, such as funeral arrangements, wishes in relation to who will look after any pet(s) on your death and distribution of sentimental items
7. Contingency Plans
You can name alternate beneficiaries in the instance your primary beneficiaries predecease you or are unable to inherit.
8. Peace of Mind
Knowing that you have a Will in place can provide peace of mind, knowing that your affairs are in order and your loved ones are provided for; especially if you are not married to your partner as they will not automatically inherit your estate.