Why You May Want To Write Your Will Now

| March 4, 2015 | 0 Comments

If you are in your thirties or forties, you may have had a few fleeting thoughts about making a will, but never pursued it further. You may now be married with children and a mortgage, so your life is busy and full. Finding the time, and the inclination, to write a full will is probably going to be very difficult for you right now. It can feel like there is a lot to think about, or perhaps not enough to quibble about on a solicitor’s sheet of paper. Whatever you think about the process of writing a will, you may be making a mistake by not getting it done right now.

A will stops the state from taking what is yours in life. Should you have no easy-to-trace heirs, your wealth will be put in the coffers of the Government, to be spent how they see fit. Your wealth may be made up of savings, investments, your home, and other property. It may also be made up of cash or possessions you inherited from family members who have passed before you. These things are things you cannot predict at this stage in your life. If you have children, your choice may be easy. You want all your worldly possessions to go to your children. The trouble is, your home on its own may be worth enough to cost your children dearly in inheritance tax.

By spending time making a will, you can carefully plan how much you want to leave everyone you care about. You can also choose to make a percentage or specific sum payment to charities of your choice. You may have grandchildren and great grandchildren in a couple of decades. Do you wish for them to have something? Your favorite personal items will need to be left to someone who will look after them and love them like you did. You may also have a pet. You can determine who takes on any pets you may have at the time of your death.

While none of us can predict what our lives will be like at the time we die, we can make a will that makes a best guess. It is often a good idea to revisit your will to keep it up to date every ten years, or as your life changes. wills needn’t take long to draw up, and they needn’t be costly to prepare. The cost to your estate and those trying to prove their entitlement to your possessions and wealth could be far higher. It could be financially and emotionally damaging to your heirs.

will

This image was sourced from Flickr

 Take an afternoon to think about who is in your life, and what is important to you. Take these details to your preferred solicitor and have a will drawn up. Once it is done, you can rest easy knowing your wishes will be legally binding. Arguments and fights between siblings or others who feel they should inherit will not stand up against your will. Most importantly, you can be assured that the tax man won’t be getting your worldly possessions!

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Category: Personal Finance

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