There are so many uncertainties which can lead to sudden death or incapacitation. A written will shall direct your family members on how to manage your estate. If there is no valid will, the government takes charge and distributes your property among the family members which may be against your wishes. The following are five reasons why you should have a will.
- Avoid disputes
Conflicts among family members and dependants are common in many homes. You can prevent such feuds by drafting a will that specifies the sharing procedure. Such a document ensures that your dependents live in peace and protects your legacy.
- Save on inheritance tax
You can ensure that your loved ones get maximum benefit from your estate after your death. No fee shall be applied if you leave the property to your spouse, a charity, civil partner or an amateur sports club. Inheritance Tax Rates will vary if you give a certain proportion of the assets to a charity and the other to the family members.
You are the best-suited person to determine how your savings and property should benefit your loved ones. It is common for the government to distribute estates among the family members based on the local laws. A valid will assures you that the property benefits those causes and people you care about. If you love supporting charities and amateur sports, you can select a certain amount through writing and will be passed on after your death.
- Funeral arrangements
You can inform your family whether they should bury or cremate you once you are gone. You can also decide on the number of guests and type of ceremony that they should hold. You can use specialists and select a funeral plan that suits your needs so as to give your family an easy time during the grieving period.
- Protect future generations
Your future generations can benefit from your estates if you put it in writing. You can appoint a guardian for your children to prevent from suffering. You can also select a custodian of the property until your kids become adults. You can command your dependants to pass on the property and protect your family legacy.
You can contract a solicitor or a specialist to draft your will. You should have witnesses when preparing this document so as to be valid. Consult experts in this area for guidance and make a will that conforms to the laws of the land.