Here are 10 reasons why you should have a Will:
1. Peace of Mind
Not wanting to talk about death is one of the most common reasons for not having a Will. This can lead to more stress and upset for your family during an already emotional time.
A Will enables you to appoint those you trust to deal with your estate. You can choose who benefits from your estate along with deciding what or how much each person is entitled to.
By creating a Will, you can appoint a guardian to look after any children under the age of 16. This allows you to pass your rights as a parent to someone you trust, giving them the power to make decisions and be involved in your children’s upbringing.
4. Young Beneficiaries and Vulnerable Beneficiaries
In Scotland, children inherit at the age of 16, but by putting a Will in place you can delay this to an age where they are more mature and able to handle their inheritance. A Will can also be used to create a Trust to support vulnerable adults, for example family members who currently rely on housing/disability allowances or those with alcohol or drug problems.
5. Protecting from Care Home Fees
Care fees can be a drain on your assets and this can often result in the sale of your home to fund care costs. A Will can help protect your share of the property for your eventual beneficiaries whilst also ensuring your spouse has somewhere to live.
6. Tax Planning
A Will allows you to take advantage of Inheritance Tax (IHT) planning, maximising your estate for your beneficiaries. Good planning and a well drafted Will can help to save substantial amounts of IHT . If you would like to know more about IHT click here.
Unmarried partners have no absolute right to the estate of their partner. Without a Will, the court has discretion as to the cohabitant’s entitlement. This is a costly and intrusive process which could result in an unsatisfactory outcome for the survivor, as the amount which can be claimed is limited.
8. Second marriages and step families
If you are in a second marriage, you may wish to provide for your children from your first marriage as well as your current spouse and any other children you may have. A Will would enable you to protect capital for these children as well as any step children while still providing security for your spouse.
A well drafted Will provides the opportunity for any changes in your future circumstances. Nothing is set in stone and Wills can be easily changed to meet your ongoing goals
Putting a Will in place can be done relatively quickly and a Solicitor will help guide you through what you need to think about to then put a Will in place.
In reality, a Will is an important document that everyone should have in place as it lets relatives know your wishes.