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Let’s be honest, no-one really wants to think about what will happen after they die!
However, if you do not leave a will this can cause a whole host of complications for your loved ones at a difficult time for them; and could even result in property and possessions not being distributed as you would have wanted them to be.
The creation of will tells everyone what should happen to your money, possessions and property after you die (all these things together are called your ‘estate’). If you don’t leave a will, the law decides how your estate is passed on – and there is obviously a strong possibility that this may not go as you hope.
Below we have outlined 4 of the most important reasons why you must have a will.
Creating a will makes it far easier for your family or friends to sort out what can often be complicated arrangements when you pass on.
The process can be hugely time-consuming and stressful, but a will can help to reduce the time and effort that is required.
For more on what may happen if no will is in place, please visit – ‘Who can inherit if there is no will – the rules of intestacy‘.
If you do not have a will in place, everything you own will be shared out in a standard way defined by the law.
If this is the case, there is obviously a very strong chance that this may not result in your possessions and finances being passed to the people that you would want.
So make sure you have a will so that there is no misunderstanding as to what your wishes are, ensure clear instructions enshrined in UK to make sure they are actioned.
For more on dealing with the finances of someone who has died, please click here.
A will can help reduce the amount of Inheritance Tax that could be payable on the value of the property and money you leave behind.
For more on Inheritance Tax, please take a moment to visit the excellent Telegraph article – ‘What is the largest estate you can pass on free of inheritance tax?‘ which contains some really important information.
To ensure however that you get the correct information, Independent Financial Advice can be extremely valuable. See the moneyadviceservice.org.uk guide on Choosing a financial advisor.
A will is particularly important if you have children or other family members who financially depend on you, for if nothing is in place, there could be severe disruption to your dependants.
The will defines exactly what needs to be done, and for whom, and will minimise the financial disruption.
For some further considerations when making a will, please click here.
Age UK offers some further tips in the following article – ‘Making a Will‘.
We specialise in helping people get access to affordable credit when their credit history would normally prohibit them from this. On this site we list loans with a guarantor, a type of poor credit loan that required a friend or family member to back their application, helping someone to borrow at typically lower costs.
For more information see here.
We’ve created our blog to help people with a range of personal finance-related issues, from savings, loans, credit, making money and more.
It is not intended as financial advice, but helpful tips and things to think about, and we try to point people in the right direction in terms of places to finds out more information, just as we have in this article.
We hope you found this article, and our blog useful?