A will, simply put, is a straightforward transfer of wealth from one generation to the next. It provides the opportunity to give to those you care about, send a message to loved ones, or help alleviate the stressful financial aftermath of dealing with loss.
Your will not only ensures that your affairs are in order but also makes provisions for your family, friends, and loved ones. We collaborated the three most overlooked but vital reasons you should consider writing a will.
Avoid Family Fights
Chances are, you would love to avoid causing unnecessary tension between relatives squabbling over objects that hold sentimental value. Typically, personal belongings with no real market value, such as family heirlooms or photographs are the most sought after and can cause painful, lasting squabbles between siblings. Instead, by clearly bequeathing your belongings to the nominee of your choice, these rifts can be avoided.
Fairly Share Your Wealth Your Way
Without a will, your estate is organised and distributed by the courts. The danger of this can be your wealth being passed on to individuals you do not approve of or your capital being disproportionately distributed. By writing a will that clearly states how you would like your assets divided, you can ensure that your estranged Aunt Mildred does not accidentally get her hands on the trust fund you intended to leave to your favourite niece for her university degree.
Avoiding difficulty for Unmarried Spouses
As the number of unmarried cohabitants increases year on year, as does the number of issues that arise with unexpected passings and unmarried partners. Without a valid will, your beneficiary may encounter problems retaining the money or property you may have otherwise intended to leave to them. Unmarried partners or couples who are not registered as a civil partnership cannot inherit from their partner without a will. This also extends to any children you have. A will would give you the peace of mind that should you pass, your children are kept safe with the guardian of your choice.
If you do not write a will, the government will dish out your estate and money as they please. For most people, this is not a desirable outcome and can cause a lot of stress and pain for your loved ones. For expert advice and to speak to one of our wills and probate solicitors in our offices situated in Warrington, Runcorn, Liverpool, or Leigh, please call us on 0800 002 9577 for immediate assistance. Alternatively, complete our online enquiry form by clicking here to go through to our contact page.