A will makes it clear what should happen to your money, your property and your possessions when you die. It gives you control and options and it means that you can give your loved ones, both friends and family, opportunities after you die.
Making a will can seem daunting but it is much easier than most people think and a failure to do so means that the state will decide how your estate is passed on, which may not be in accordance with your wishes. Having a will in place will also save your family unnecessary stress at a difficult time.
When an individual fails to make a will he dies ‘intestate’, which means that his or her estate will be distributed in accordance with the ‘rules of intestacy’. That could result in the estate not being distributed in accordance with the deceased’s wishes.
In addition to avoiding the rules of intestacy, there are a number of personal reasons why it is important to make a will:
- to make provision for your children regarding guardianship and how they will be provided for
- to leave money to your favourite charity
- to maximise tax relief on your estate for your beneficiaries
- to indicate your funeral requirements
- to distribute your assets and personal effects in accordance with your wishes
In spite of these compelling arguments, a recent poll of 2,000 adults by adviser search website Unbiased.co.uk and Certainty.co.uk, the National Will Register, found that 58% of the UK adult population do not have a will. Don’t let your legacy be dictated, contact Wills World Wide now to ensure you have an up to date will in place.