Why do I need a will? Private Wealth
A will is a legal document which officially communicates a person’s wishes regarding the distribution of property, assets, and money in the event of their death. A will also sets forth your wishes regarding the care of minor children.
There are many benefits to making a will, regardless of how wealthy you are. A written, witnessed will can ensure:
- Your assets, including possessions, property, and money, are given to the right people in the right quantities.
- Your assets are not given to anyone you do not wish to have them, for example, estranged relatives.
- Your wishes regarding who cares for your children are heard and carried out.
- Charitable donations and gifts are given as per your wishes
Many people think that, because they do not have many possessions or lots of money, they do not need a will. However, it is important to make a will for several reasons.
When a person dies without a will (an intestate person), the rules of intestacy must be applied. For people that aren’t married or in a civil partnership, this means their partner does not inherit any of their estate. Instead, it will be passed to surviving children, grandchildren, great-grandchildren, or other eligible members of your family.
The Benefits Of Making A Will
Making a will gives you the chance to put your affairs in order. While it’s a difficult subject to contemplate, many of us are concerned as to what will happen to our loved ones after we die – particularly if they rely on us financially. A will makes your wishes clear and avoids the need for Intestacy Rules to come into play, which are very rigid, and immovable in a lot of cases.
Here are our top 10 reasons why you should make a will:
- To provide financial security to your loved ones.
- To make your desired funeral arrangements known.
- To help you pay less inheritance tax.
- To make arrangements for the care of your children.
- To make arrangements for your pets.
- To minimise stress for loved ones.
- To bestow specific gifts on specific individuals.
- To specify whom you would like as your executor.
- To avoid potential negative consequences of intestacy.
- To avoid inheritance disputes.
Wills & Probate Services & Advice
At Beswicks Legal, we offer advice regarding wills and probate through our specialist private wealth team. No matter your requirements, from general will drafting to life insurance and death benefit planning, we can support you in getting your affairs in order and protecting your family’s future. For more information and expert advice, contact our team today.