In the UK, having a will provides critical protection and peace of mind.
Here are ten ways a will can protect you:
- Distribution of assets – a will allows you to decide exactly how your estate is distributed among your beneficiaries, ensuring your wishes are respected.
- Protects your partner – If you’re not married or in a civil partnership, your partner may not automatically inherit your estate. A will ensures that your partner is provided for according to your wishes.
- Appoints guardians for children – If you have children under 18, a will allows you to appoint legal guardians to care for them if you pass away, avoiding court-appointed guardianship.
- Minimises family disputes – by clearly outlining your wishes, a will can reduce the likelihood of disputes among family members over your estate, potentially saving relationships and legal costs.
- Tax efficiency – a will can help with estate planning to reduce inheritance tax liabilities. Proper planning within a will can ensure that your estate is managed in the most tax-efficient manner.
- Charitable donations – If you wish to leave part of your estate to charity, a will ensures your chosen charities receive the donations you intend, potentially reducing your inheritance tax liability.
- Protects unmarried partners and stepchildren – under UK law, unmarried partners and stepchildren may not automatically inherit from your estate unless specified in your will, so you can provide for them as you wish.
- Funeral wishes – a will can include your preferences for your funeral arrangements, such as burial or cremation, easing the burden on your family during a difficult time.
- To create a trust for loved ones – who may be young and wish for them to inherit sometime in the future. A trust can also be used for a certain purpose or to provide for a loved one who is unable or incapable of handling large sums of money at one time.
- For simple peace of mind – in later years that family / friends will be taken care of by having a legally binding document in place.
For further advice contact our specialist team on 01792 468684 or email enquiries@pgmsolicitors.co.uk.
