There are many reasons to make a will. The most important reason depends on your own individual circumstances – whether it be because of family dynamics or the assets you own. Whatever your situation, however, you definitely need to make a will.
We’ve given you some really important reasons in Part 1 of this post (read it here). Here are the other important reasons why you need to make a will. You can read Part 1 here.
Make gifts to charity
Charities rely on gifts from wills for a significant amount of their funding. With such reliance on legacies from wills, gifts to charities in our wills are clearly important for the voluntary sector. Many people give to charities in their lifetime. But leaving a legacy in your will gives you the opportunity of gifting the kind of lump sum that will really make a difference to their work and which you would normally not be able or inclined to give in your lifetime. So, whether you want to make a small gift, or you’d like to give part or all of your estate to charity, making a will is the only way you can contribute to your favourite charity after you’re gone. It is a real opportunity to help a charity continue its good work.
Reduce inheritance tax
You can plan the gifts in your will in a tax-efficient way, and in some cases, you can make significant inheritance tax savings. Some of the things you can do to save inheritance tax include choosing the age at which your children should inherit or making gifts to your spouse or civil partner. But you can only do so if you make a will.
Choose executors to look after your estate
Another good reason for making a will is that you can choose someone you trust to oversee the difficult and delicate task of dealing with your estate after you’re gone. This is a very important job because the person must find out your assets and liabilities and will be dealing with sensitive information. If you don’t make a will and choose someone, then the task could fall into the wrong hands.
Choose those who cannot inherit
Making a will gives you the opportunity of disinheriting people you do not want to get anything from your estate. If you don’t make a will, the matter is taken out of your hands as the intestacy rules will decide for you. It is important to leave a will so you can indicate if there is anyone that you do not want to inherit. That can help avoid disputes over your will.
Protect family heirlooms
If you have precious family heirlooms that you want to stay in the family after you’re gone, you will have to make a will to be able to achieve that. A will allows you to use measures like trusts to protect such items. This can safeguard important heirlooms and keep them in the family.
Reduce the likelihood of a battle over your estate
You will reduce the likelihood of your loved ones fighting over your estate if you make a will and, in it, you make provision for those you expect to inherit. Click here for tips for reducing the likelihood of a dispute over your will.
Save costs on your estate administration
Administering your estate will be easier and therefore less expensive if you have a will and have listed your beneficiaries. It will also be easier to find your beneficiaries, which is why it is advisable, if possible, to include the addresses of the beneficiaries when making a will.
Including funeral wishes in your will is an important way of documenting your wishes especially regarding the question of burial or cremation and funeral ceremonies. It is good to let your family know your wishes but important to document them. Your wishes in your will can be used in evidence if there is a dispute between your relatives over what should happen. Click here to read more about funeral wishes and some cases that went to court and how they were resolved.