10 ways having a Will in place can protect you

In the UK, having a will provides critical protection and peace of mind.

Here are ten ways a will can protect you:

1. Distribution of assets – a will allows you to decide exactly how your estate is distributed among your beneficiaries, ensuring your wishes are respected.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.
7. 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.
8. 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.
9. 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.
10. 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.