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Let’s be honest, no-one really wants to think about what will happen after they die! However, not everyone has enough warning to get their affairs in check before they pass away and without leaving a will, a whole host of complications could be left waiting for your loved ones.
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 die.
The process can be hugely time-consuming and stressful but a will can help to reduce the time and effort 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.
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 might 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.
Writing a will is particularly important if you have children or another family who depend on you financially as it may result in severe disruption if this is not in place.
It is also highly advisable if you want to leave something to people outside your immediate family.
For some further considerations when making a will, please click here.
Age UK offers some further tips in the following article – ‘Making a Will‘.
For much more information about writing and a will and what happens if you don’t please take the time to read the excellent guide on the Money Advice Service website.
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