Top 5 Reasons To Create A Will

Most of us are guilty of wishing to postpone creating our wills – and some of us will even come to the conclusion that it isn’t necessary. Even in the most straightforward of cases, however, ensuring a complete and accurate will is going to prove invaluable to those we leave behind, and ensure that we can live with the peace of mind knowing that our wishes will be met.

A man signing papers with a pen writing a will 

Here are just five of the most important reasons for you to create your will

1. Provide for Children and Dependents 

One of the most important things we can do for our children and dependents is ensure that, even after we are gone, we are able to continue providing support to them. Knowing that they will be able to access their inheritance with ease will offer you much peace of mind, and enable them to handle the practicalities simply as they process your death.

This is particularly important for any step-children you may have if you have not been through a legal adoption process.

2. Nominate a Guardian for your Children

In a similar vein, making certain that your children will be cared for by someone you trust is a step none of us can afford to overlook. The decision about a guardian is always taken having regard to the best interests of the children, but nominating a guardian in your will is one of the most important factors taken into account when deciding those best interests.

You should take some time to make your decision, and speak with the prospective guardian ahead of time to ensure that you are on the same page.

3. Ward Off Potential Future Disputes

Many of us are guilty of assuming that, after our death, our loved ones will be able to handle the organisation of our estates without any disputes or differences of opinion. Unfortunately, however, this so often proves to be wrong, and arguments over the division of assets can lead to irreparable rifts within a once-peaceful and happy family unit.

By creating a will, you are essentially laying down clear and conclusive directions for your loved ones. In this way, your wishes can be met, and you are doing all you can to prevent any issues from arising within your family.

4. Protect Your Assets and Possessions

It can be incredibly painful to imagine a scenario in which our finances and assets are not handled in a way we would wish for ourselves, and the only way to ensure that they are is to leave behind a will that details our desires conclusively.

Consider your digital assets, such as photo albums and social media accounts. It can be easy for important and sentimental assets to be overlooked or forgotten about – particularly if no one has access to your passwords after your death.

Everything should be accounted for in your will, in order to avoid a devastating loss for your loved ones.

5. Avoid Paying More Inheritance Tax than You Need to

Many people don’t realise that the rate of inheritance tax applied to your estate depends not only on its size, but also who inherits them. For instance, a spouse or civil partner will not be required to pay inheritance tax on any money or property, but others will be subject to IHT.

This is one of the reasons why it is important that you work with an experienced solicitor when creating a will. They will be able to ensure that you are fully cognisant of the ways in which inheritance law applies to you, and how to ensure the best scenario for your loved ones.

***This is a collaborative post***

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