3 Major Reasons You Need to Write a Will

3 Major Reasons You Need to Write a Will

When somebody dies, the loss can feel unbearable for loved ones. At this time, sorting through financial matters and estate issues of the deceased would only increase stress levels. This mainly happens when the deceased hasn’t clearly stated how they would like their matters resolved upon demise. Not having a will makes the process stressful and time consuming, while also leading to conflicts at times.

According to The Telegraph, as of September 26, 2016, nearly 60% of the adults in the UK hadn’t written a will. It was also found that 36% of the people over the age of 55 years didn’t have a will, representing a 6% rise from the previous year.

In the absence of a will, everything the deceased owned is shared out between immediate family members in a standard way, according to the law. However, there may be times when the deceased might have wanted someone specific to get certain assets, say experts at SCL Wills & Probate, leading will & probate solicitors in Hertfordshire.

Here are three major reasons you should hire will solicitors, like those in Hertfordshire, as soon as possible.

1.   You Choose Who Gets What from your Property

Writing a will becomes crucial for those who have a family or children who are financially dependent on them. A will is a legal statement of the way you want your movable and immovable assets distributed, explain will solicitors in Hertfordshire. Having a properly crafted will that clearly identifies your beneficiaries and your estate can help in the smooth transfer of inheritance. A will also allow a person to choose someone who is not a part of the immediate family as a beneficiary. You can also give something from your estate to the children from a previous marriage. In the absence of a will, a family feud could ensue, which could last for years.

2.   You Choose a Guardian for Your Minor children

Nothing can be more tormenting than the thought of leaving your minor children without support if the worst were to happen. Generally, the court assigns someone from your family and friends to serve as guardian for your kids, in the absence of a will. However, the court might not know the person as well as you do, which gives you unique insight into who would be the best guardian for your children A will not only helps you designate legal heirs, but also helps you designate a trustworthy guardian for your minor children.

3.   You Save on Inheritance Tax

Did you know that anything left by the deceased for charity is free of Inheritance Tax? This is one of the best ways you can reduce inheritance tax for your beneficiaries, while also doing your bit for society. When you leave a part of your estate or money to charity, the inheritance tax is applicable on the remaining value of the property or the money that has been left behind. For example, giving as less as 10% of your assets to charity can reduce the tax on the remaining assets to nearly 35%, from 40%.

Meet experienced will and estate planning solicitors, such as those in Hertfordshire, who can offer you a simple and straightforward method of creating a will online, so that you do not have any reason to delay this most important document of your life.

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