Why You Should Write a Will
The purpose of a will is to be able to dictate what is to happen to your possessions and property once you have passed. Money, possessions and property are referred to as an estate.
If you decide you’re not going to write a will, the law then decides what is to happen to your estate.
There are four main reasons as to why you should write a will:
- Make it easier on your loved ones when you pass: if you have written a will, the logistics of your estate have already been dealt with. This takes a heap of stress off your family and friends.
- You can dictate what happens to your estate: this means everything will be distributed in accordance to your wishes rather than in accordance to the law.
- Lower inheritance tax: writing a will lowers the amount of tax that is then to be paid on any money or property left behind.
- Benefits your children: when you write a will, it safeguards your children who are financially dependent on you. You can also specify if you would like to leave some estate outside the family.
Your wishes and how they are carried out
Your will informs people of two main things:
- Who inherits your estate when you die
- Who will see to the distribution of your estate, following any instructions that have been left by you in your will – this individual is referred to as the Executor and more than one person may be given this role. In your will, you may also specify how you would like to be buried or cremated. The role of the executor is to do their best to ensure each one of your wishes are fulfilled, providing they are not breaking the law.
Interested in learning how we can help you to prepare and execute your will and probate requirements? Get a FREE consultation with one of our solicitors in Manchester by contacting us today on 0161 249 5087 or email us at email@example.com. If you prefer, you can complete our contact form here.