None of us want to concentrate on when we are eventually no longer here, but writing a will remains the most important way that we can ensure that our loved ones are taken care of when we’re gone.
There are also several other important reasons why you would want a will to oversee your affairs when you’re no longer about to. In this article, we’ll cover the benefits of making sure that you have a will in place.
What is a Will?
A will is shorthand for your last will and testament. It essentially provides you with an opportunity to make sure that your wishes are carried out after your death. Even if you don’t have much by the way of assets to leave, writing a will is still a good idea to ensure that your affairs are in order.
The laws of the UK are set up to divide your assets in a very specific way in the event of your death. You will be required to settle any outstanding debts you may have before your assets are then divided between your spouse and children.
Issues arise when you would rather than your estate be divided up in a different way, favouring some members of your family over others. To ensure that only those you wish to stand to gain do so, a will is necessary.
Inheritance tax is here to stay. It is often possible to lessen the burden of this tax by being creative with your estate. We would suggest that you speak to a solicitor who will be able to advise further. Some possible options include;
- The creation of trusts which is a medium for distributing assets whilst appointing a trustee to maintain control over them.
- Only when the time is right will the trust’s beneficiaries stand to gain – great if you have small children.
Appoint an Executor
You may have a specific person in mind who you would like to oversee your affairs on your behalf. In this instance, a will is the perfect opportunity to name such a person who will preside over the execution of your will.
Appoint a Guardian
If your children are still minors, it is important that you think very carefully over who they will be left in the care of in the event of your death. If you don’t have a surviving spouse or partner, you will need to nominate a suitable third party who could be a member of your family or a friend.
Get Help Writing Your Will
As you can see, a will is a very important legal document, and the sooner you have yours written and witnessed, the better. You can have a go at writing your own but there are several third parties including solicitors who can assist. If you’re looking for will writers in Nottingham, simply approach a law firm and appoint them on your behalf. They will be able to talk you through all of the salient points and answer any concerns you may have.
Writing your will shouldn’t be left to the last minute so take action sooner rather than later.