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Why Every Adult Should Write A WillWe never know what is going to happen in our lives but by having a Will you have the comfort in knowing that if the worst happens those closest to you will be taken care of.
10 Reasons Why You Should Write A Will Today
We don't often think about dying when we are young but if you have assets that you would wish to be inherited by a specific person, or a family that you want to protect then you should ensure you have a legally binding Will.
- After your death, it will be a very stressful time for your family and those closest to you. Having a Will in place makes the process of dealing with your estate (possessions, property, money and digital assets) much easier for your family.
- If a person dies without a Will (Intestate), their estate is distributed following the rules of your country's laws. This may mean that people you did not expect may inherit your estate.
- Should you die intestate and are not married, have step-children and an ex-spouse, you may find that your ex gets everything and your current partner and children are left with nothing.
- If you have grandchildren that you would like to gift some money or treasured possessions then this should be included in a Will.
- Having a Will speeds up the process of distributing a deceased's death.
- With a Will, you can appoint an executor that you trust.
- By taking advice from a Solicitor you can write a Will that will reduce the amount of Inheritance Tax due.
- In a Will, you can specify gifts to friends or charities that would not benefit should you die Intestate.
- You can stipulate who should take care of your minor children if they are left without any parents.
- If you have no living relatives the Government will benefit from your Estate. By writing a Will you can leave your estate to a friend or charity.
Writing a simple, legally binding Will is not expensive. The cost of a Will easily outweighs the benefits it provides to both you, your family and anybody who benefits from it. For further information on writing a Will please get in touch with one of the solicitors at Fergusson Law in Edinburgh.
Author: J Fergusson