Do I Need A Will?

Do I Need A Will?

Writing a Will is especially important if you have children or other family who depend on you financially, or if you want to leave something to people outside your immediate family. 

It’s one of those jobs that people put off doing, but they really shouldn’t. A Will is the decision that you make in writing about what happens to your belongings, your property and your assets when you die. Having it in writing ensures that your wishes are adhered to according to the law. Without one, you risk your assets and property being in the hands of the law, rather than what you want for them.

Why Make A Will? 

Without a will, you do not get to decide who benefits from your estate and your property after your death. There are plenty of reasons why you should write a will, including:

  • You have the final say on how your money, property and possessions are shared
  • You can ensure that your partner is taken care of if you are not married
  • You can choose whether to leave anything for an ex-partner if you are divorced
  • You can guarantee you don’t pay any more Inheritance Tax than is necessary

If you want a say on these matters, then yes, you need a will. 

Creating a Will

Creating a will is simple – and it will save undue pressure on your family during a difficult time. A will makes it much easier for your family or friends to figure out everything before you die, as the process can be more time-consuming and difficult without a will. Here is a step by step guide on how to go about writing your will.

1. Choose Who To Include In Your Will

First, think about the family, friends and charities in your Will that you would like to remember. Most people will want to care for their loved ones, therefore will make sure they are financially stable in order to help them into the future. 

2. Choose Your Executor 

When creating your will, you will be asked for who will be in charge of managing your assets and following the instructions set out in your will. This person is typically called your ‘Executor’. 

The Executor is the person who will use your will to tell people about any other desires you may have, such as funeral or cremation instructions. However, it might not always be possible for your executors to carry out your instructions. For example, if a person on your will dies. Yet, there is a better chance of things happening the way you want, with a will. 

3. Find The Value Of Your Estate

Figure out how much your properties, including land, savings and any debt, are worth. This will help you work out how much you can give out to your loved ones or any charities. 

4. Consider Inheritance Tax

Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who’s died. However, there is usually no Inheritance Tax to pay if the value of your estate is below £325,000 or if you leave everything above the £325,000 threshold to your spouse, civil partner or charity. It is important to note that everything you leave to charity is free of Inheritance Tax, which also benefits a good cause. 

To find out how much your estate is worth, click here.

5. Decide If You Are Giving Any Gifts On Your Will

It is important to think about what type of gifts you would like to leave to your chosen charities, as anything you leave will have a huge impact. Think about what type of gifts you’d like to leave to your chosen charity or charities such as a fixed amount of money or a percentage or portion of your estate’s balance once all other payments and gifts are made.

6. Contact A Solicitor 

At McPartland & Sons, we understand it is challenging to begin writing a Will. However, such a simple and inexpensive document will make a massive difference to your loved ones. We can help you write a Will that ensures your estate, no matter how large or small, is divided as per your wishes. 

For more information on how to set up a Will, please contact us