Decide who will look after your children

Should the worst happen, and you die leaving a young family behind, do you know what would happen to them? If one parent dies, leaving the surviving parent with parental responsibility, then they look after the children until they are 18. However, if both parents die, a will allows you to choose the people you and your children trust to take care of them. If the only person with parental responsibility for the child dies without a will, the court will take necessary arrangements to appoint a guardian upon their death.

Decide who will have your estate

A will is the only way to make sure your estate, which is your money, property, possessions and investments, goes to the people and causes you choose. You can decide who will benefit from your will, give specific gifts, donate to a charity and decide what would happen should your beneficiaries die before you.

Choose your own executors

When you choose one or more executors of your will, it is sensible to appoint someone who you know well and trust. Your executor deals with the instructions in your will when you die and handles the finances and any tax liabilities that arise. It can become complicated if you have various assets and property, but they can always seek help from a professional if necessary. An executor can be anyone who is over 18 years old: they can be an executor and a beneficiary of your will.

Avoid estate taxes

In addition to ensuring that assets are distributed in line with your wishes, making a will may help you avoid estate taxes. Without a will, your assets will be allocated in accordance with intestacy rules and may subsequently be liable to inheritance tax (IHT) that could have been avoided. There is no inheritance tax paid on assets inherited by your spouse.

Provide funeral instructions

At this moment in time, the executors appointed under the Will have responsibility for the body and are, technically, the decision makers for funeral arrangements.Many people would find it difficult to talk about their funerals, so having them written in a will is often a good option. However, funeral wishes written down in a will are not legally binding and the arrangements may have already been started before the will has been read.

Distribute specific items to named beneficiaries

If you have specific items you would like to leave behind to particular people, you could use a will to set this out. This can provide you with peace of mind that any family heirlooms and antiques you possess will not be lost or sold after you pass away. It can also ensure that your wishes are completely met.

Avoid family disputes

Unfortunately, dividing up an inheritance can often lead to disputes between family members. If there is no will, you are leaving your family to guess what your final wishes were. This can cause tension, and even fights, damaging the relationships among your family. It can also be expensive should any decisions be legally disputed. A professionally drafted and coherent will can help avoid such situations and make your passing less stressful for your beneficiaries.

Leave a legacy to charity

Often people want to leave all or part of their estate to charity. In some cases you may have benefited from a charity yourself and want to give something back or you just strongly support their cause. When you write a will, you can make sure your legacy is preserved by selecting to leave part of your estate to a charity of your choice.

Decide who to leave your pets to

If you have any pets, you want to make sure there will be someone to look after then if you pass away. In your will you can appoint a guardian for your pet in the same way you would appoint a guardian for your children. You can also leave a part of your estate in a simple trust fund to be used to cover the cost of your pet’s care.

It’s not as expensive as you think and could save you money

Many people put off writing their will because they assume it’s expensive and that their loved ones will automatically inherit all their estate. However, this isn’t always the case. Probate can be an expensive process for your inheritors if you die without a will.
With Simpler Wills a professionally written Essential Will costs as little as £19.99 and can help your family save money as well as time on legal proceedings.