Having a will is an essential part of preparing for your future and ensuring the peace of mind of your loved ones. Yet, you would be surprised how many people haven’t done it. Over two-thirds of adults don’t have a will, causing confusion and (avoidable) stress for their families after their death.
You may be a diligent forward-thinker, but even the most organised of us put important tasks aside for a rainy day. In this blog, we will discuss 5 reasons why writing your will should be put at the top of your to-do list.
If you have a will, transferring your estate to the people closest to you becomes a much simpler task, and could save you thousands of pounds in administration fees if you use a professional service to manage your estate.
If you die without a will, chances are that somebody from your family will still inherit. This would follow a particular order of inheritance known as the ‘Rules of Intestacy’. This typically goes:
And so forth. You can read more about these rules here.
However, if these people aren’t around to inherit then your money will go to the Crown Estate and most likely be transferred for use by the HMRC. This is probably not what you want for your life’s earnings!
With a will, you can appoint anyone of your choosing to look after all the necessary administrative paperwork. This could be a trusted friend or a professional in many cases. This means that your immediate family won’t have to deal with the paperwork while grieving.
Without a will, however, then the Rules of Intestacy come into force again and mean that grieving spouses, teenagers or parents are left having to do the bulk of the work.
When thinking about what happens to our money after death, many of us will consider donating a portion to a cause close to our hearts. This may be purely for altruistic reasons (You can’t take the money with you!) or in order to follow tax planning advice that encourages philanthropy. No matter the motivation, leaving a charitable gift in your will allows your values to live beyond you into the future.
However, if you don’t have a will, a donation to charity is impossible. So, if it’s your intention to donate – turn that intention into a reality by writing it into your will today. Research shows that only 1 in 3 people who want to leave a gift in their will actually get round to doing it. (Smee & Ford, Radcliffe Consulting)
If you have somebody in mind who you would like to have look after your animal friends after your death, then making a will is essential. You can leave your pet to a friend or family member, or if this isn’t a viable option, to a charity that will care for them for the rest of their natural life. You can also leave a gift with your pet in order to look after their needs and help their future carer with any expenses regarding care. Just bear in mind that it is difficult to legally enforce that gifts such as this are used for their intended purpose, so the obligation is more moral than legal.
Without a will, your pets may be treated similarly to any other possession of yours, so make it known how you would like them to be cared for.
Even if right now you feel you don’t have a lot of possessions to your name, it may be more than you think and your situation will undoubtedly change throughout the course of your life. Through Auderli you can see your financial identity evolving over a number of years, and can keep all of the relevant information and documents regarding your will safely stored within your portfolio, ready to share with those who need it.
So, to bring us back to the start of the article, you can see how important making a will can be. No matter your age or financial status, it’s never too early to be prepared. Avoid becoming another statistic and help your family to find peace of mind knowing that everything is sorted on their behalf.
You can make a will in all sorts of different ways. If you have complex needs or require tax planning advice it’s always a good idea to make a will through a traditional solicitor. If you want the flexibility and convenience of doing a simple will online, you can get started here:
www.makeawillonline.co.uk/auderli
Now's the time!
Sharing is Caring: Why you should share your financial portfolio with those you trust
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