22 May Why is a Will important to have for your family?
It’s a topic that most of us (understandably) would rather not talk about! Ultimately though, we are all going to die and it’s our responsibility to ensure that our wishes are carried out after our death. It may be thought that a Will deals with relatively trivial items or we make the assumption that ‘of course our house will go to….’ (our spouse, child etc.). It’s vitally important that these assumptions are not made however.
Unless you’re careful, you could find that you leave behind a range of problems for your loved ones to deal with after you’re gone. A Will is a simple, cost effective way of ensuring this doesn’t happen.
So, let’s look at what a will can help with.
Who inherits your property
Without a Will, the state decides who gets what of yours. This includes cash, cars, houses and other worldly possessions. If you wanted a friend to receive these (for example) you would need a Will. You cannot assume that because you have a close relationship with someone that they will automatically inherit on your death. Succession laws spell out precisely who inherits what in the event that you have no Will potentially meaning your possessions don’t benefit the right people.
Your Will does more than just decide who inherits what
Your Will quite literally spells out your final wishes. In the event you die with young children you may wish that a friend becomes their legal guardian. If this is documented and agreed in a Will then you can be confident your wishes will be carried out. If not, the state will again decide who they would live with. Other things your Will might typically include are:
- Your Will names your Executor – someone who will wrap up your estate
- Creates Trusts for property and assets for children
- Forgives debts
Family conflicts – to be avoided!
A death in the family is a distressing experience. Regrettably, the lack of a Will can cause rise to significant conflict within families if a division of assets has not been detailed in a Will. It avoids speculation over ‘what you would have wanted’ and ensures that what you actually wanted happens.
In summary, a Will is an incredibly important document. As such it’s vital it is drafted carefully and professionally. This doesn’t have to be expensive though. At Complete Asset Protection our Advisers can arrange a full will for a little as £175. Initial consultations with our Advisers are always free. If you’d like to arrange your consultation then click here to book today.