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The Importance of making a will
30 April 2020
The deaths of a number of celebrities over the past few of years have highlighted the importance of having a Will with the press reporting widely on the complications caused by those (Amy Winehouse, Rik Mayall and Prince, to name just a few) who have died intestate.
Whilst death is something none of us likes to think about, only by making a Will can you be absolutely certain that your affairs will be dealt with as you would wish. This is especially important if you have property or other valuable assets, and even more so if you have dependent children.
There’s a common assumption that everything will automatically go to your partner or next of kin but it’s often not that simple, especially if you have children or are not married.
If you want to be sure your wishes will be met after you die, then a will is vital.
Here’s why it’s so important to make a will…
To provide for your family
Although it’s hard for families to talk about death, talking about your will can save everyone a lot of worry. Deciding who you want to leave your possessions to can help you make sure they go to the people you want them to go to.
To avoid disputes between relatives
Disputes over wills can cause arguments among family members and may even warrant the need (and cost) of a solicitor to resolve them. Leaving a will should remove any doubt about who you want to leave your estate to.
To protect your assets for future generations
A will can ensure that assets are kept within the family and are passed on down the generations. Many people are concerned that new spouses or second families will inherit their assets in the future, and a well-structured will can help prevent this.
To save on Inheritance Tax
With a carefully-planned will, you can also cut the Inheritance Tax bill on your estate after your death.