Unfortunately, many people die prematurely, which might be due to an accident or disease, and without having written a Last Will & Testament, their entire estate is distributed according to ancient British laws, which might not be ideal for your specific situation. You might well assume that your family will automatically inherit your estate, yet, without leaving a legally binding document in the form of a Will, this is very often not the case. If you are in good health and reasonably young, that does not mean you are guaranteed to live to a ripe old age, as accidents happen all the time, and if you are yet to be convinced, here are a few of the benefits that writing a Will offers a person.
- Specific Inheritance – When a person writes their Last Will & Testament, they can specify who will get what in the event of their passing, and without a Will, the deceased person’s estate will be divided according to an ancient set of British laws that were formed more than a century ago. You might be the proud owner of a restored car, for example, and you would like your best friend to inherit this, should anything happen to you, and by recording your last wishes in the Will, you can rest assured that the prized possession will be given to the nominated person.
- Cover Every Eventuality – If you have children, you would want to be sure that they are catered for in the event of your death, and rather than leaving that to chance, it is wise to detail everything in a legally binding document. If you live in the UK, there is an established legal firm called Heritage Wills, who are happy to send a Will writing expert to visit you at home and help you through the complex procedure of writing a Will.
- Minimise Taxation – If a person creates a Trust, for example, to oversee the financial support of their children, in the event of their passing, this would likely have attractive tax concessions, and with the advice of an experienced Will writing expert, you can be sure to make the best provisions for your loved ones, and the amount of tax paid would be minimal. British law, and indeed the taxation system, are very complex, and it is only by talking to a legal expert that you can ensure things are set up in such a way that the benefactors pay minimum tax in the event of your passing.
- Provide for your Children – There are many ways a person can provide for their children’s future, which include setting up a Trust that will be administered by a trusted nominee, and as every situation is unique, the terms and conditions of the trust can be such that the children receive financial support when they need it.
If you have been thinking about writing a Will for some time now, but never seem to get around to it, all it takes is a simple online search to put you in touch with a professional Will writer, and with their help, you can decide exactly what happens to your estate in the event of your passing.
