Making a Will – The Right Thing to Do
No one really likes to think about what will happen after they die, but from a practical stance, it does need to be considered. Most people have accumulated some assets during their life, and everything will eventually become the property of someone else, and by making a Will, you get to decide exactly who will benefit from your passing. Many people have not written a Will, as they assume that in the event of their death, their partner will automatically be the sole beneficiary, yet this is often not the case, and if a person dies intestate (without a Will), the laws of the country will determine who gets what.
Fortunately, modern Will writers are easily sourced online, and if, for example, you were looking at making a Will in Derbyshire, or any other UK county, there are online companies that will send a consultant to your home for a free consultation about Will writing, and in the event you wish to go ahead, they can complete everything within a few weeks.
When talking to a solicitor, or Will writer, you can benefit from their knowledge of inheritance tax, and they might be able to cut down that amount significantly. With careful Will drafting, the amount of inheritance tax can be adjusted in your favour, which means your loved ones will benefit even more. Rather than leaving everything to fate, it is wise to make the necessary preparations to maximise the benefits of your estate to your chosen recipients.
Divide your Estate
Making a Will allows a person to divide up their estate however they choose, and leave certain things to specific people, for whatever reason. A person might have a lifelong friend, who spent his time helping to build their boat, and in the event of their passing, they would like that friend to inherit the vessel. This can only be done by writing a Will that states in detail, the wishes of the person who wrote it. It certainly isn’t wise to let things work themselves out, as very often, the person you would like to be the beneficiary, is not, according to British law.
Avoid Family Upsets
Traditionally, if a person had made a Last Will and Testament, everything they own would be designated to a named person (or persons) in the Will, and this being the wishes of the deceased, the executor of the Will would ensure that everything is divided in accordance with the Will. If, on the other hand a person were to die intestate, then there will more than likely be internal conflicts over who receives what from the estate. No one wants to be the cause of family rifts, and by clearly stating who you wish to leave your estate to, removes any conflict, as the Will overrides anything else, if it was signed and witnessed.
The Right Thing
If you make a Will, you are being responsible, and ensuring that your final wishes are carried out, so if you haven’t done it yet, it is never too late to make a Will.