Why It’s Important To Make a Will

Although thinking of your own death is both daunting and difficult, it is extremely important that you make a will before you pass. A will is a legal document which expresses your wishes as to how your property is to be distributed after your death. 

A will sets out instructions for what should happen after you die and exactly who will inherit your estate, ensuring that your estate is dealt with as you wish and that your loved ones are protected following your death. Below we take a look at a few of the top reasons to make a will.

Decide how your estate will be distributed

As mentioned above, writing a will ensures that you can decide how you want your estate to be divided up. Losing a loved one is extremely difficult; creating a will that fairly distributes your assets can help to minimise family disputes regarding your estate and make the process easier for everyone involved.

Decide who will look after your children

In addition to deciding how your estate will be distributed, you can name your children’s guardian in a will. A will gives you a say on who should look after your dependents once you have passed and, if they are under 18, who their legal guardians are. If you do not do this, the court will decide who looks after your children and they could choose someone that you wouldn’t agree with.

Protect your family home

If you are unmarried and the family home is in your name, your unmarried partner and step-children are not automatically in line to inherit the home if you die and do not have a will. This could result in them losing their home. When writing a will, you have the power to leave your family a share of the property or the right to reside in your property following your death. This ultimately protects your family and ensures that your home is safeguarded. Unless specifically stated in your will, unmarried partners are not entitled to anything from your estate.

Minimise inheritance taxes

The amount of inheritance tax that will be charged from your estate depends on who you leave it to and how much you have. Anything that you choose to leave to your spouse or civil partner will be automatically exempt from inheritance tax, and leaving property to children and grandchildren will generate a lower inheritance tax bill than leaving it to others.

Smalleys Solicitors: Your local will writing services in Nottingham

Smalleys Solicitors offers professional estate planning services, helping you to ensure that your assets are taken care of as you wish. We can ensure that you have a valid will and that you do not die intestate, protecting you and your loved ones and helping you to take control of the future. For more information, visit our website today.