In England and Wales, having a will is a fundamental aspect of ensuring that your estate is managed according to your wishes after death. Without a will, the law dictates how your estate will be distributed, often resulting in outcomes that may not align with your desires. One primary reason to have a will is to control the distribution of your assets. If you die intestate (without a will), your estate is divided according to the rules of intestacy, which may not reflect your personal preferences, leaving family members or charities you intended to benefit out of the equation.
Another key reason for having a will is to name your executors. Executors are responsible for ensuring your wishes are carried out, including paying off debts and distributing your assets. By choosing trustworthy individuals, you can avoid potential conflicts or delays that may arise from the court appointing an administrator.
A will also allows you to provide for loved ones, including children or dependants. If you have young children, you can nominate guardians to ensure their welfare and upbringing according to your wishes. If you have pets, you can specify their care arrangements. Furthermore, if you have complex family dynamics, such as stepchildren or estranged relatives, a will can clarify your intentions and prevent disputes that might otherwise arise.
In addition, having a will can help minimize the tax burden on your estate. Through careful planning, you can potentially reduce inheritance tax and ensure that more of your assets are passed on to your chosen beneficiaries. Without a will, the estate may be subject to higher taxes and additional costs.
In summary, having a will in place offers clarity, ensures your wishes are respected, and can prevent unnecessary complications for your loved ones during an already difficult time. It is an essential step in safeguarding your legacy.
If you’re looking to draft your first will or make changes to an already existing will, our private client team at Farleys can help. To discuss your requirements, please call 0845 287 0939, get in touch by email, or use the online chat below.
