Wills: Why Should You Make Them?

December 21, 2022

Why Should You Write a Will?

Will writing gives you control over your money and property after you die.

There are many aspects to consider when writing a Will but here are some reasons why you should make a Will.

If you die without a Will, your estate will be intestate. The intestacy rules dictate how your money, property, and possessions are to be distributed, and these rules may be distributed in a way that you do not wish.

Inheritance tax reduction and advice is an advantage when making your will. Your estate may be taxed at 40% for anything over £325,000. Exemptions and reliefs can be applied based on your estate and the advice given by a solicitor.

A Will can set out your wishes regarding funeral arrangements, care for children and pets, legacies to charities and more. Where children under the age of eighteen are involved, in the unfortunate event where both parents have deceased, a Will can provide your wishes for guardians. This may disregard the need for a Court to determine this, at a time when the children will already feel distressed.

The main advantage of making a Will is the certainty that your personal assets and possessions will be distributed in a way that you want, and you remain in control of this after you die. Your executors have a vital role in your Will as they will be in control of distributing your assets. By making a Will, you are able to select the most appropriate people for this. Alongside executors of your Will, you are able to choose beneficiaries. These are the people who will benefit from your estate. Many assume that your spouse will inherit everything, but this may not be the case where you have surviving close relatives and have not made a Will. Unmarried partners, stepchildren, and charities will not benefit from your estate unless they are named.

If you would like help making or reviewing your Will, please contact our Wills and Probate Solicitors on 0121 705 7571 (Solihull Office) or 0156 477 9393 (Dorridge Office). 

This article is for general information purposes only. It does not constitute technical, financial, legal advice or any other type of professional advice and is no substitute for specific advice based on your individual circumstances. We do not accept responsibility or liability for any actions taken based on the information in this article. For more information, please click here.