What Are The Benefits Of Creating My Will?

Danielle Jarvie

Senior Associate Solicitor

Creating your Wills & Estate Planning is something that each and every one of us should do throughout our lives, before it’s too late.

It’s also vital that you have your will drafted professionally and don’t fall victim to a cheap will done online!
Our team are here to help.

Senior Associate Solicitor Danielle Jarvie shares a few reasons as to why it’s important to have your will created before it’s too late:

Asset distribution

A will allows you to instruct a trusted person (An Executor) to manage your estate after your death and specify who you wish to benefit. Without a will, your assets may be distributed other ways which may not align with your wishes.

Care Fee Protection

Planning to protect your assets from funding residential & nursing care in later life is a common concern as the years advance. By making an appropriately structured will including trusts, you can legitimately reduce your exposure to being asked to fund your care in later life.

Avoiding family disputes

A well-drafted will can help prevent potential conflicts among family members after your death. By clearly stating your intentions and distributing your assets according to your wishes, you reduce the likelihood of disagreements or disputes among your loved ones. This can provide peace of mind and maintain family harmony during a difficult time.

Minimizing tax on your death

Estate planning, including creating a will, can help minimize the tax burden on your estate. By utilizing certain estate planning strategies, such as establishing trusts or making charitable bequests, you can potentially reduce the amount of estate taxes that your beneficiaries may have to pay.

Peace of mind

Creating a will offers peace of mind, knowing that you have taken steps to protect your loved ones and have a say in the distribution of your assets. It allows you to have control over your legacy and ensures that your wishes are carried out after your death.

Divorce

If you and your spouse have separated, you will need to prepare a Will and seek legal advice, to prevent your estranged spouse from inheriting. The same applies if you own a property jointly with someone, if you did not wish for them to inherit your share, you will need to prepare a Will and sever your joint tenancy if appropriate. If you have received the final papers (decree absolute), financial matters have probably been settled between you and your former spouse. However, regarding your estate, matters can still be complicated and need careful consideration. If you made a Will before your divorce, this Will is still valid, and this can create several problems.