The Importance of Writing a Will

Why bother?

Writing a Will is a sensible move to secure the future of your loved ones and avoid any confusion or complications regarding the distribution of assets in the event of your death.

A Will ensures that your property, possessions, and personal belongings are reserved for your nearest and dearest so they can benefit from your savings, investments and have a lasting memory of you obtained through precious family heirlooms. Although the subject may not be a pleasant one, it’s important to prepare and give your loved ones some peace of mind.

For some people, getting around to writing a Will may be difficult, as the reality of the inevitable can be hard to accept. However, failing to prepare ahead of time could mean that your family are left with the arduous task of splitting assets themselves with the help of the state, while not fully understanding your wishes. The state often has jurisdiction over your properties and investments without the provision of a Will meaning that your chosen beneficiaries may not have access to any inheritance that you intended for them.

When’s best to make a will?

For this reason, it’s always best to write your Will as early as possible to provide some security for those you may leave behind.

Without a Will, your estate will likely be divided based on the intestacy rules of your country of residence. The downside of dying intestate is that the estate will be divided based on next of kin status and assets may be seized to pay for outstanding expenses. This means that your loved ones may not receive the amounts they expected and will have to stand by while your assets are divided between other parties.

Benefits of having a will

Creating a Will in preparation for the future offers a range of benefits aside from the assurance that your assets will be distributed according to your wishes.

It specifies who will take over guardianship for your children and provided for them financially.
It allows you to leave some of your savings to a charity of your choice.
It prevents your savings and investments being used to pay off unnecessary taxes.
It gives you the opportunity to specify your funeral arrangements and how your remains will be handled.

According to recent UK studies including expats, approximately 58% of UK citizens have no Will. Qualitative research shows that typically, younger adults feel that making a Will should come later in life as part of a retirement plan. However, this means that, should a younger person die, it’s unlikely that their assets will be presented to the beneficiaries that the individual intended at the time of death. Because there was no Will created, the state will handle all outstanding financial issues, including paying off debt and taxes using any money left behind.

What if my circumstances change?

Making a Will earlier in life has no detriment to the distribution of your assets later on. As a Will is a legally binding document stating your wishes, you are able to change this at any point throughout your life, should your priorities or relationships change within that time. Whatever your age, having a Will is essential in preserving your legacy and in making sure that your wealth and properties are secured for your family and other chosen beneficiaries.