Creating a last Will and Testament may be a smart move, but that doesn't mean that every adult has one. In fact, 30 million UK residents have never even created a Will.
Why? Mostly because it forces us to think about our mortality and that can be terrifying for some. Others feel that if they create a Will, it would send a message to that it's time to pass on!
However, when you put off writing your Will, you also miss out on some key advantages. Here are 3 benefits of a Will.
1. One of the Benefits of a Will is Choice
There are specific reasons why having a Will makes sense. One of those main reasons is freedom of choice. When you don't have a Will, your money and property may not go to the places you want them to.
Did you know that not having a Will means:
The law will favour your current spouse, blood heirs would depend upon the size of your estate.
Unmarried partners, step children, friends and charities may receive no money at all.
England & Wales, Scotland, and Northern Ireland all have different laws regarding where your money, property, and any underage children will go
You Choose Where Your Money Goes
The power of choice is a big one, especially when money is concerned. Without a Will, much of your money might end up being enjoyed by the Government rather than your loved ones.
By having a Will you'll be able to allocate your funds exactly where you want them to go.
2. Providing Financial Security for Loved Ones
Having a Will ensures the money goes to the right people. It also reduces the risk of conflict between your relatives.
Having a Will ensures that your prized possessions will only go to those you trust will take the best care of them after you're gone.
Less Inheritance Tax
As we all know, the tax collector will always come. This is why it is important to have a Will and testament. A properly structured Will may lower inheritance tax.
You Choose What Happens to Your Children and Pets
If you currently have children under the age of 18, having a will is imperative. Should something happen to you suddenly, do you want your state deciding whom your children live with?
What about your pets? If a proper caregiver isn't appointed, your pet could end up at a shelter or put to sleep.
3. You Have Control Over Your Body and Your Funeral
Some people prefer to be cremated. Others prefer to be buried in a casket. Some people want a large funeral filled with friends and family while others prefer their final send-off to be a private affair.
But none of that will happen if you don't stipulate what you want in writing. Just because someone tells you they will carry out your wishes doesn't mean they will.
Think writing a will and testament will be a long and complicated process? It doesn't have to be. As you can see, there are many benefits of a Will.
Contact us today and we'll guide you through the process. The first visit is free.