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Making a will is often something people prefer to avoid or postpone. It forces you to confront the reality that you won’t be around forever. However, creating a will is an essential part of responsible financial and estate planning. It provides clarity for those left behind and peace of mind for you, knowing your wishes are formally detailed and your loved ones are taken care of after your death.
If you haven’t made a will, here are 10 reasons why you should:
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Distribution of Assets
One of the main reasons to make a will is to specify how your assets should be distributed after your death. By clearly detailing your intentions in writing you can prevent potential conflicts among family members and see that your estate goes to the people you choose.
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Appointing Guardianship
If you have children under the age of 18, making a will allows you to appoint guardians who will care for them if necessary. Here the responsibility of raising your children is given to someone you trust, rather than leaving it up to the courts.
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Avoiding Intestacy Laws
Without a will, your estate is subject to intestacy laws. These laws dictate how your assets will be distributed, without considering your personal wishes. Having a will means you have control over your estate and how it’s distributed.
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Preventing Family Conflicts
Without a legally clear and binding will, your family can fall into disputes and prolonged legal battles. By making a will, you provide clear instructions on how your assets are distributed, reducing the potential for conflict and expensive legal disputes.
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Helping to Protect Unmarried Partners
Did you know unmarried partners are not automatically entitled to inherit your assets? Making a will allows you to support your partner so they are protected and get the inheritance you want them to have.
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Expressing Funeral and Burial Wishes
Your will is the perfect place to outline your preferences for funeral arrangements. Including these instructions in a will means your loved ones won’t have to make difficult decisions, which can be conflicting, during a time of grief.
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Tax Planning
Enlisting the help of an expert will writer can also help minimise the inheritance tax your loved ones will pay on your estate. By taking advantage of tax rules, more of your assets will go to your loved ones.
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Planning for Special Circumstances
A will also allow you to plan for specific situations, such as providing for a family member with special needs or creating a trust for the benefit of a child under 18. You can write your will so that it addresses your particular circumstances and means your wishes are carried out as you see fit.
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Business Succession
If you own a business, making a will can be crucial for determining the future ownership and management of your company. You can appoint successors or specify the sale of your business, for example. A will also help protect the interests of your partners and employees.
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Peace of Mind
This is probably the most important reason to make a will. Peace of mind is priceless. Knowing that your affairs are in order and that your loved ones will be taken care of according to your wishes creates a sense of mental comfort. It means one less thing for your family to worry about during an emotional time.
YOu can use an online kit to make a will. But to prevent any problems down the line, in that your will is clear and legally unambiguous, it’s best to go to a solicitor, for example, these solicitors Ipswich, who have specialists in this area.
A Will Vs Power of Attorney
A will deals with the distribution of assets and other affairs after your death, while a power of attorney addresses who has the power of decision-making should you become incapacitated, through something such as Alzheimer’s Disease.
A will allows you to specify who will inherit your property, money, possessions and other assets. It also enables you to appoint guardians for children and express your funeral and burial preferences. A will only become effective upon your death and goes through the probate process.
On the other hand, a power of attorney gives another person, known as the ‘attorney’ to make decisions and take actions on your behalf while you are alive.
Depending on how your Power of Attorney is drawn up, this person can manage your financial affairs, make healthcare decisions and handle other specific tasks as described in the document. The power of attorney can be limited to a particular time period or can remain in effect even if you become incapacitated.
Final Thoughts
Creating a will is an important step for everyone. You are safeguarding your loved ones’ future, protecting your assets, and a lasting legacy. By making a will you can ensure that your wishes are respected and that your loved ones are provided for. And that they won’t have the need to make difficult decisions at a time of grief.
