The importance of having a will

You might think writing a will is something to delay or only consider when you’re older. Yet, this important legal document affects how your belongings, money and even responsibilities get passed on after you die. 

Without one, the law steps in to decide what happens, often ignoring what you truly want. Thinking about this now can save your loved ones’ stress and confusion later. 

Control over your estate

Writing a will allows you to decide if someone receives specific items, a sum of money or a share of your entire estate. It also enables you to name an executor who will manage the distribution, so you trust the person handling your affairs. 

Reducing family conflict

When you leave no will, relatives may argue over who is entitled to what, sometimes leading to long, costly disputes. Having a will minimises these tensions by clarifying your wishes upfront. 

Even simple instructions can reduce uncertainty, such as specifying that your house should be sold and proceeds shared, rather than leaving vague instructions. By communicating your intentions clearly, you help your family avoid unnecessary stress during a difficult time.

Guardianship for minors

If you have children under 18, a will gives you the power to appoint who should care for them if you pass away. Without this, the courts decide, which might not align with your preferences. Choosing a guardian ensures your children live with someone you trust, offering them stability and security. 

Tax benefits

By using your will strategically, you can take advantage of allowances and exemptions, such as passing assets to a spouse tax-free or leaving part of your estate to charity. Consulting a financial advisor or seeking help from probate solicitors can help you identify the best approach for your circumstances.

Protection for unmarried parents and stepchildren

If you are not married or in a civil partnership, or if you have stepchildren, writing a will is essential. The law does not automatically grant inheritance rights to unmarried partners or stepchildren, which means they might be left with nothing unless you specify otherwise. 

For instance, you can ensure your partner inherits your home or leave money to a stepchild who has been part of your family for years. 

Simplifying the probate process

When you pass away, your estate usually goes through probate, the legal process to settle your affairs. A clear, up to date will speeds up probate by providing instructions on how to manage your estate. This reduces delays and legal complications for your family. Probate solicitors can guide your executors through this process efficiently if you have a will. 

Leaving gifts to charities

Including charitable donations in your will allows you to support causes close to your heart after you are gone. These gifts can be specific sums or a percentage of your estate, offering flexibility in how much you give. Beyond supporting good causes, charitable gifts can reduce the taxable portion of your estate, meaning more money goes to charity rather than the government.