Why You Should Consider Writing Your Will Today

When you have children, the idea that someday you might no longer be with them is terrifying. You can do everything in your power to keep them safe and looked after when you are alive but who is going to take care of them if something awful were to happen? Although this topic is something which many people would rather not address, it is a very important step in ensuring that your family are cared for in exactly the way that you would want them to if something bad were to happen to you. This is why we have put together a list of reasons why you should consider writing your will today if you don’t already have one. Keep reading if you’d like to know more!

What Is A Will?

If you’re not already familiar with the idea of a will, you’ll find that it is a legal document which is used after your death to distribute any of your property. A will also tends to include details of what would happen to your children should you die suddenly, such as who they would live with or who should take up legal guardianship. The most common type of will that people write is called a testamentary will which is written up and signed in the presence of a witness. These things are very important in ensuring that your wishes are carried out.

Are Wills Legally Binding?

-Most wills that are written with the help of a solicitor are legally binding. There are certain requirements for wills to be carried out, you’ll need to be over 18 and be of sound mind. Once you have written your will you’ll need to hand it over to your professional advisor or executor. Choosing the right per-son to be in charge of your will is very important and something which you should consider carefully.

Occasionally, wills are not quite legally binding and family members may attempt to contest a will. There are certain requirements regarding how to contest a will and this is often done with the help of a solicitor who is experienced in inheritance law. If you would like to know more about this then find more about contesting a will here.

Looking After Your Children

A parent’s worst nightmare is to find themselves separated from their children. Sometimes this is totally unavoidable and so it is important to be prepared for the worst. Of course, if your children are over 18, you won’t need to worry about who will take responsibility for them as they will be considered adults. If something awful were to happen to you and the other parent of your children, who would look after them? You might already have someone in mind that you would like them to live with, maybe your mother or their godparents? Unfortunately, it is not always this simple and you cannot be sure that your requests will be carried out unless you have especially detailed them in your will. Writing your will as soon as you have your first child can get this out of the way and ensure that you are covered if anything is to happen.

Your Property

If you are lucky enough to own some property or have a lot of money saved up, this will be shared amongst those closest to you. If you have not written a will, your property might not be shared out in the way that you would have wanted it to. For example, if there was a specific relative that you wanted to have an expensive air loom, you could include this in your will. Writing a will is very important to ensure that your children will be looked after with any money that you can pass onto them. This is also important if you are married or have been separated and want to make a decision on whether that person will be included in your will.

Less Stress on Your Family

When you die, your family will have a lot to deal with. This ranges from general grief to funeral arrangements and what will happen with your property. Writing a will can help to ease the stress that will be on your family and friends at this hard time. Not having a will can make the whole process a lot harder than it needs to be and it can help to ease the pain. No family wants to fight over money and so being clear and fair in your instructions can reduce the chances of your will being contested.

Making the Most of Inheritance Tax

Writing a will is very important if you would like to reduce the amount of inheritance tax that is put on to the value of your property and money. Your family will need to pay a certain amount of tax to the HRMC and so if your will is legally binding, they will pay less than if your property had to be managed by an outside source. Make sure to do some more research on inheritance tax and how important it is to ensure that your family gets as much as what you’ve left behind as possible.

The Process is Easy

If you are considering writing a will but don’t want to go to the effort, you’ll be glad to know that the process is relatively easy. Before you start writing your will you should think carefully about what you want to include in it. Think about your family, think about your business partners or friends. You can even consider giving some of your money to a charity that has helped you or a family member through a hard time. There are so many things to consider when writing a will so make sure to consider everything that you will leave behind and who you want to leave it to.

There are a few different types of wills for you to choose from, all varying in prices depending on their complexity. If you’d like to just use a simple will, you’ll expect to pay between £150 to £250. If your requests are a little more complex, then a complex will can cost between £150 to £300. If you own a lot of different properties and a lot of money in different places you might need to get a specialist will. This can cost you at least £500 so think carefully about your options.

Final Verdict

Overall, we think that it is very important that you consider writing a will today. You’ll find that both you and your family will be able to enjoy the peace of mind that things are taken care of. If you have young children, then you should think about writing your will soon. Don’t worry if you think that you will change your mind in the future as will can be updated if your circumstances change. Make sure to think carefully about what you have and who you would like to benefit from it in the future. Don’t be put off by the idea of death and turn this into a positive thing as you make decisions that will help your children in the future!

 

** This is a collaborative post **