Thinking about death isn’t the most pleasant of pastimes, to say the least. In fact, it would be fair to say that death is one of things we’d like to think about the least on a day-to-day basis – and you’d be largely right for doing so. However, the death taboo is often something that gets in the way of how we manage our families, particularly when it comes to how we’d like our loved ones to manage or receive our belongings when the inevitable eventually happens.
That’s right; thinking about death is important for at least one reason, and that reason is the management of your estate. Everyone should have a will, and especially those with extensive families. But why, exactly? We’ll use the following paragraphs to explore why writing a will can be crucial for your family.
1.Control Over Asset Distribution
Fundamentally, a will enables you to specify exactly what happens to your assets and money after you die; that is, who will receive what from your estate, and in accordance with your specific wishes. A will is not necessary for the passage of your belongings to others after death, but it is necessary if you want to retain some control over the process. Consulting with will writing solicitors can help ensure your assets are allocated as you intend, preventing potential disputes among beneficiaries.
Dying without a will is called dying intestate, and is an event beholden to process and legislation of its own. Usually, dying intestate will result in your partner or spouse inheriting your estate. If you have children, though, and if your estate is worth more than £322,000, your estate would be divided evenly between all. You can find out who would inherit from you by reading up on the law – but the better option would be to write a will, particularly if you aren’t married to your spouse.
2.Appointment of Guardians for Minor Children
Wills are not just there to ensure the division of assets between various inheritors, though. They can also be crucial legal documents with respect to your close loved ones – particularly young children. If you were to die tomorrow, who would look after your children? Morbid a question as it is, it is a question you get to answer legally via your will (and with discussion with loved ones, of course).
3.Minimising Inheritance Tax Liabilities
A will is also an opportunity to be smart with your estate, beholden as it will be to inheritance tax. Inheritance tax can be costly, and will be even more so with the upcoming inclusion of pension funds in total estate values; strategic estate planning through a will, though, can help reduce the inheritance tax burden on the estate, thus preserving more wealth for your beneficiaries.
4.Reducing the Potential for Family Disputes
Lastly, but by no means leastly, there is the matter of keeping the peace. Most families would readily describe themselves as dysfunctional, and yours is likely no different. A will, then, is the simplest way to prevent misunderstandings and conflicts among surviving family members regarding asset distribution.