Making a will can help protect your loved ones and ensure that your assets are transferred according to your preferences in the event of your death. We’ll go over the key reasons for creating a will. A will is a legally enforceable document that you create to define who will receive your estate and what will happen to it following your death. It includes information regarding the style of funeral you choose, how you wish your belongings to be distributed, and other preferences, such as who should parent your children, if any.
Occasionally referred to as a “final will,” it is a legally binding document — but one that, if not correctly drafted, may be invalid. While you are free to create your will on your own, if you have a complicated estate or simply want assistance, you can hire a solicitor or professional will writer. According to some estimates, up to 60% of adults lack willpower. Without one, your estate will be distributed according to rigorous laws, which may result in your loved ones being left out.
We’ll cover some of the most compelling reasons for creating a will in this section.
Safeguard your family’s home
If you own the family house and die without writing a will, your unmarried partner and stepchildren are not automatically entitled to inherit it, which means they may lose it. In your will, you can leave them a percentage of the property or the right to occupy the property.
Ensure the safety of your unmarried partner.
By making a will, you can ensure that your partner receives an equitable share of your estate.
Assure the safety of your dependents, particularly your stepchildren.
While your stepchildren, or possibly your only children, could be a vital part of your life, the law stipulates that in the absence of a will, only spouses or blood relatives automatically inherit. Include your stepchildren in your will if you intend to provide for them. The same is true for foster children and any other dependents who are reliant on your support.
Ascertain your children’s financial security.
Along with determining who will raise your children, you can plan for their financial well-being. This may involve saving for their school, ensuring they receive a set amount each year for clothing or hobbies or preparing for a down payment on a home. Consider forming a trust to provide for your children, since this will give you some control over when and how the money is handed to them.
A trust can be established in one of two ways: while you are still alive or after your death by providing instructions for its establishment. Consult our guide to wills and trusts to learn more about your options, how different types of trusts work, and how much they could cost.
Create a will in which you name a guardian for your children.
You are not merely deciding how your estate will be divided when you prepare a will. Additionally, you get to choose who will care for your dependents. You may also appoint legal guardians for them if they are under the age of 18. If you do not, the family courts may make the decision, and they may choose someone with whom you disagree.
Avoid family quarrels.
Unfortunately, when there is no will or your preferences are not made clear, distributing an inheritance can occasionally result in squabbles and conflicts among your survivors. Contested wills can be harmful to family relationships and can also be expensive if estate decisions are disputed. A well-drafted will can assist in avoiding these conflicts and relieving the stress on your survivors following your death.
Ensure that you do not pay more estate tax than necessary.
The amount of inheritance tax deducted from your estate is decided by its worth and the beneficiaries. Whatever you leave to your spouse or civil partner is tax-exempt automatically. Additionally, gifting property to your children and grandkids will almost always result in a lower inheritance tax liability than gifting it to others.
Create a legal will if you’ve recently married.
Your estate may be shared between your new partner and children from a prior marriage under intestacy regulations, perhaps leading to a dispute. On the other hand, in Scotland, past wills are not automatically invalidated upon marriage—which means that if you die, your new spouse may be left with nothing if your previous will excluded them.
Additionally, divorce does not nullify a will, which means that your ex-partner may still be eligible to inherit from your estate. As such, it is important to examine your will to ensure that it remains current, particularly following a marriage or separation.
In your will, you can name an executor, or several executors, who will be responsible for carrying out your final wishes. By appointing your executor in advance, you may ensure that you get the most qualified person for the task. Additionally, it notifies the executor in advance, allowing them to prepare.
Indicate who you want to care for your pets.
If you have dogs, cats, or any other pets, they may require additional care after your death. It is more customary to choose someone to watch after them and to set aside money for their feeding and maintenance.
Ensure the security of your digital assets.
Nowadays, your assets will likely include more than cash and actual property. Digital accounts and online purchases, such as music, photographs, or websites, are also deemed to be part of your possessions and could be lost forever if not included in your will. Emails and social media accounts are also included in your legacy—do you want them deleted or secured, and do you want your executor to have access to passwords?
Contribute to a charitable cause.
If you are a supporter of a charitable organisation, you may choose to leave something to it upon your death. Along with donating to a worthy charity, you may be able to save your family money on inheritance tax if you donate more than 10% of your assets.
Start making your will today. It can take less than an hour to complete your will depending on how complex your estate is. Rest assured that after you pass away what you have worked so hard to earn throughout your life is passed onto your loved ones.