Making a Will is one of the most important steps you can take to secure your estate and provide clarity for your loved ones after you die.
Despite its significance, many people still delay or avoid creating a Will altogether, leaving their families to navigate the complexities of their estate without clear guidance.
While it may seem like something only necessary for those with large estates, the truth is that everyone, regardless of the size of their assets, can benefit from having a clear and legally binding Will in place.
Karen Perugini, Partner in Thrings’ Private Client team discusses why having a Will can help make life for your loved ones after you are gone much easier and, if you haven’t yet made a Will, why now is the perfect time to get started.:
Control over your estate
Without a Will, the distribution of your estate will be governed by the rules of intestacy, which may not align with your wishes. These rules prioritise certain family members (such as a spouse or children) and can often lead to unintended consequences. By having a Will, you can ensure your estate is divided exactly as you wish, whether it’s leaving specific items to loved ones, or directing funds to charitable causes close to your heart.
Minimise family conflict
Grief can amplify emotions, and disagreements over the distribution of your estate can cause rifts in families. By providing clear instructions in your Will, you can help prevent confusion or disputes among family members. This ensures that your wishes are upheld and reduces the chances of family conflicts after you die.
Appointing guardians for your children
If you have young children, a Will gives you the opportunity to name legal guardians who would care for them in the event of your death. Without a Will, the court will decide who takes on this responsibility, which may not align with your preferences. Appointing guardians in your Will provides peace of mind, knowing your children will be cared for by individuals you trust.
Tax efficiency
A well-structured Will can help minimise the impact of inheritance tax on your estate, ensuring that more of your assets go to your loved ones. Tax laws can be complicated, but a solicitor can guide you in structuring your estate to optimise the tax efficiency of your Will.
Ensuring your wishes are respected
Your Will also allows you to make specific arrangements that may be outside the scope of the law of intestacy, such as creating trusts, managing family businesses, or leaving instructions for funeral arrangements. These details can help ensure that the disposal of your estate is carried out in a manner that reflects your wishes.
Thrings’ Private Client lawyers are experts in supporting individuals and families with a range of personal matters that are important to you. Whether it relates to a family business, land or private wealth, their expertise is there to help plan ahead in all areas ranging from succession planning and trusts, to wealth management, Wills and probate. To find out more, please get in contact.
