Wills are vital legal documents that outline how a person’s assets and personal wishes should be handled after death.
Here are key reasons why they are important:
- Control over asset distribution: a Will allows individuals to specify exactly how their assets should be distributed, ensuring that their assets and belongings go to the people or organisations they choose, such as family members, friends or charities.
- Avoiding intestacy laws: if someone dies without a Will, intestacy laws determine how their estate is divided. This can lead to outcomes that don’t reflect the deceased’s wishes, such as distant relatives inheriting or close friends being left out.
- Appointing guardians for children: for parents with minor children, a Will is crucial for naming guardians who will take care of them if both parents pass away. Without this, the courts will decide who will raise the children, which may not align with the parents’ preferences.
- Minimising family conflicts: a clearly defined Will can help avoid disputes among family members by providing explicit instructions on how assets should be divided. This reduces the likelihood of legal battles or personal conflict.
- Tax efficiency and estate planning: a Will can help manage estate taxes thereby potentially reducing the tax burden on heirs and ensuring the estate is managed in a tax-efficient way.
- Executor appointment: the Will allows individuals to appoint an executor or executors, people they trust, to manage the estate’s distribution. Without this, a court may appoint someone who may not be aligned with the deceased’s intentions.
- Special requests and bequests: Wills allow for personal bequests, such as passing on family heirlooms, specific property, or personal instructions for burial or funeral arrangements. Provisions for the care of your pets can also be included.
- Having a Will provides peace of mind, ensuring that a person’s final wishes are respected, and their loved ones are protected and guided during a difficult time. One of our Private Client team can help you make one.
