Thinking about what happens after we’re gone is an uncomfortable subject for many people, especially if you’re reasonably young and healthy. However, it’s important to not shy away from these matters and making a will is a vital step if you want to safeguard your assets.
A will is a legal document which details a person’s wishes for how they want their estate to be divided up after they die. This could include property, monetary savings and personal possessions and a will is a secure way to ensure your wishes are carried out. There are many other important reasons to make a will, so read on to find out more.
You can decide how to distribute your assets
A will allows you to set out exactly who inherits what, right down to individual possessions. If you don’t leave a will then the law will decide how your estate is distributed and this may not be in line with your wishes. Setting everything out in a will also makes it much easier for family and friends to sort out the distribution process.
Protect any children involved
Leaving a will is vital if you have any children under the age of 18, or any other family members who depend on you financially. A will allows you to name a guardian(s) to look after any children after your death and you can also ensure that they’ll inherit any assets you want to pass on.
Inheritance tax planning
Writing a will can help to reduce the amount of inheritance tax payable on any property and money you leave behind. Many people like to seek professional legal help when drafting a will and a solicitor will be able to advise you about any exemptions for inheritance tax relief that may be available to you.
Peace of mind
A will offers you the peace of mind that your affairs are in order and loved ones will be taken care of after you’re gone. Don’t leave things to chance and risk leaving it to the law to decide; make a will in advance and ensure that your estate is divided up the way you want.
If you’re thinking about writing your will and need professional help and advice, get in touch with the team at Richards & Lewis. We’re here to take care of the legal paperwork on your behalf, so you can focus on how you want your assets to be divided. We’re committed to making the process as easy and stress free as possible, so give us a call today or contact us via our website.