Why Make a Will?
1. Nominate Executors and Trustees to deal with your estate.
You choose who you would like to deal with the often complex process and paperwork involved in administering an estate. In this way you can ensure that the task does not fall to someone who may be unsuited to it.
2. Avoid Intestacy.
Protect you loved ones by deciding who is to inherit your assets, including property, money and personal possessions. Without a Will your Estate will be intestate with distribution to individuals you may not have chosen and in some cases may even pass to the state.
3. Gift items of sentimental value.
Ensure your chosen beneficiary receives them.
4. Protect Cohabiting Partners.
If you are living with someone but not married it is critical that you make a Will to protect them. They are currently not entitled to inherit assets under the laws of intestacy.
5. Provide clear funeral wishes.
You may or may not want a religious ceremony or may prefer burial or cremation.
6. Arrangement guardians for your children.
If you have young children you can specify who you would like to bring them up if you were to die and detail who you would like to look after their funds while in a bereaved minors trust. If you do not make such provision and both parents have died you have no say over your children's future.
7. Make donations to charity.
You may have certain favoured charities. Gift to charity can also be an efficient way of reducing the inheritance tax liability for your estate.
8. Minimise your Inheritance Tax liability.
Advance estate planning through a Will can help to reduce the amount of inheritance tax to be paid by you estate thereby maximising what your loved ones will receive.
9. Set up Trusts
Trusts can be a useful form of estate planning to protect the inheritance your children will receive while making provision for others. Trusts have many uses which when considered against that tax implications may give effect to your wishes best.
A Will doesn't need to be complicated and for very little expense can limit the likelihood of dispute and costly litigation. In short it could be the most important document you will ever sign.