You might wonder whether you really need to make a Will. After all, life is busy and it’s just another thing to do.
However, we urge you to make your Will a priority. Wills have several important functions. Together, these help to protect you and your loved ones.
Still not sure? Here are 10 reasons you should make a Will.
10 reasons to make a Will
1. Lets you choose your beneficiaries
A Will is the only way to control who inherits your assets when you die. Without a valid Will, the intestacy laws dictate who gets what. It does not matter if you have expressed certain wishes during your lifetime – they do not count for anything.
2. Ensures the correct people inherit
The intestacy laws create an order of priority, whereby your next of kin gets the greatest share of your estate. This means the wrong people could receive an inheritance, while your preferred beneficiaries receive nothing.
3. Lets you choose your executors
When you die, someone must wind up your affairs. With a Will, you can choose who this person (or group of people) should be. Otherwise, the responsibility falls to your next of kin. It might not be appropriate for this person to carry out the job.
4. Lets you choose legal guardians
A Will lets you choose legal guardians for your children. If these instructions are not set out in a valid Will, the local authority must decide what happens to your children, should you and the other parent die. This might not be in line with your wishes.
5. Helps protect vulnerable beneficiaries
If you do have vulnerable beneficiaries such as children, you can set up a trust in your Will. This ringfences their inheritance, protecting them in the future. This also applies to other vulnerable beneficiaries, including those with a disability, illness or addiction.
6. Limits the potential for disputes
A professionally drafted Will sets out your wishes in no uncertain terms. This limits the potential for disputes after your death. Otherwise, those who are not provided for under the intestacy laws (such as unmarried partners) must pursue a legal claim in the
courts.
7. Makes things easier after your death
In fact, having a Will generally makes things easier for your loved ones following your death. It’s just not limiting the potential for disputes. Probate and the administration of an estate are also more straightforward when there is a Will.
8. Allows specific gifting
A will allows you to make specific gifts of property or money to individuals or organisations as you see fit. This could be anything from a property to a collection of coins.
9. Lets you detail funeral wishes
You may have specific funeral preferences. For instance, you may want to be cremated rather than buried. You can set out these wishes in your Will, along with any other requests, such as gifts to charity.
10. Gives you control
Ultimately, a Will gives you control over what happens when you die. From who inherits your assets and how to who looks after your children. These are extremely important decisions, and you should be the one to make them.
Drafting your will
Would you like to know more about making a Will?
If so, please call us on 0191 567 7244 and we’ll be happy to help you.
If you would rather contact us online, email us on demi@cooklaw.co.uk