10 Reasons Why You Should Make a Will

Wills might not be the most popular or casual topic, but that is no reason to neglect their importance and postpone making them. Unlike other legal documents that might not even be necessary during one's lifetime, wills are something that every person should consider. The vast majority of the UK population has at least basic knowledge of what a will is, but not all take steps towards making one. In fact, statistics show that only few people think of wills before the age of 50. By the time they reach their mid 60s, about three quarters of UK citizens have already drafted a will, but that still leaves a considerable 25% who die intestate.

There are several explanations for this, but the most commonly invoked reasons are:

• People think that making a will is complicated and time consuming and they do not know where to start;
• Not everywhere feels comfortable discussing sensitive family matters with a solicitor; 
• The fear that making a will could cause arguments among family members; 
• The belief that only privileged families need a will; 
• The assumption that there is still plenty of time to make a will, and that making one can wait until the person is older.

In addition to these, there is the very real issue of lack of awareness: awareness not only of the benefits of making a will, but also of the consequences of passing away without one. So without further ado, here are the main 10 reasons why you should make a will.

1. Securing the future of your children

Making a will is essential if you have children because it is your responsibility to make sure that they receive financial and emotional support when you are no longer there. Not only can you give clear guidelines as to what they will inherit, but also appoint a legal guardian to look after them until they come of age. Making a will becomes all the more important if you have children from a previous marriage and want to protect their financial stability.

2. Ensuring that your assets go exactly where you want them to

The will allows you to leave part of your estate to the people you trust most. You can divide your assets as you see fit, depending on your relationships and beliefs. This means you can leave gifts to your loved ones (including money, jewellery, vehicles, property), contribute to a charity and even appoint a caregiver for your pets. If you fear that your assets could end up in the wrong hands after your death, making a will can prevent this from happening.

3. Unmarried partners

If you live together with someone, but you are not married, the unmarried partner is not entitled to a part of your estate unless you mention this in your will, or you own property together. Instead, your assets would be divided amongst children, parents or siblings. An unmarried partner will only be entitled to part of your estate if you have created a will and specified your wishes.

4. Avoiding family disputes

One of the most frequent complications arrives when one of the family members passes away without a will and the rest start to dispute the estate between themselves. The loss of a loved one can be very challenging and trying to divide assets in such sensitive circumstances might even cause the family fall apart. By drafting the will in advance, you can have the peace of mind that you expressed your clear wishes and hopefully avoid future disagreements.

5. Intestacy Rules

In the UK, the rules of intestacy apply to people who pass away without a will, or people who did draft a will, but it was not legally valid. According to intestacy rules, the estate of the deceased will be divided based on his or her situation, as follows:

• People who are married with children – the spouse is entitled to all of the deceased's estate, up to the first £250,000. What exceeds this amount will be divided in two: the first half goes to children under the age of 18, and the other half to the spouse;
• People who are married without children - the entire estate goes to the spouse; 
• people who are unmarried with children – the children are eligible to inherit the estate only after they come of age; 
• People who are unmarried and without children – the estate goes to the surviving parents. If there are none, siblings are the next in line. If the deceased was a single child or has no surviving siblings, then the estate goes to grandparents. If they are also deceased, then uncles and aunts can receive the inheritance. Finally, if none of the above are alive, then the Crown shall receive the estate.

Not everyone considers these rules as fair. So by drafting a valid will, you can avoid following them and divide your assets as you see fit.

6. Reduce Inheritance taxes

Having a will reduces the inheritance tax considerably and puts less financial pressure on the family.

7. Establish the age of inheritance

If you believe that your successors should receive the estate only after a certain age (such as 18 years old), you can add this clause to the will. This is a wise course of action in cases when heirs are too young to manage valuable assets.

8. Objectivity and planning

When your assets are administered by an objective executor, such as a solicitor, the family is less likely to go through disputes. The executor will follow without bias the exact guidelines you provide. Any details that the family could have problems finding, such as bank account passwords, can also be communicated to the executor. Thus, a difficult and emotionally challenging moment becomes less stressful and more streamlined.

9. Making a will is not expensive

Not only is the will a safe investment, but also an affordable one. The costs of drafting a will are considerably lower now compared to previous decades, so there really is no financial reason to postpone this important document.

10. Protecting the family business

Last, but not least, if you have your own company, you can appoint successors for it in the will and ensure that the business will live on under the command of someone you trust. By stating your clear intentions, you will avoid expensive litigation and the bad management of a business in which you have invested time and money.