Most of us don’t possess great wealth, so why do so many people place such importance on making a will in readiness for the time they depart the world? That’s a great question, one that so many people ask themselves these days, so what is it about making a will that’s so crucially important?
From ensuring your dependents get what you intend them to receive to preventing the Government from making decisions on your behalf, there are so many reasons why you should make a will. Here are a few of the most important reasons for making a will with the assistance of a solicitor.
A Will Makes Things Easier for Your Family and Loved Ones
The most important reason of all, using will making services in Cambridge makes things easier for your family and loved ones after you’ve passed away. This is especially important if you have dependents (people who are dependent upon you for survival, for example, a spouse or children), but even if you don’t, it’s still an excellent means of ensuring that everyone gets what you intend them to receive upon your departure from the world.
If You Don’t Have a Will the Government Makes Decisions on Your Behalf
Without a will that distributes your assets and possessions, the Government will take it upon itself to distribute your wealth in the way that it sees fit, which usually isn’t the way that anyone wants their wealth to be distributed. It’s your wealth, so make sure it’s you who decides how it is distributed upon your death.
Having a Will Can Help to Reduce Inheritance Tax
Inheritance tax isn’t something that many people agree with, but are you aware that you may be able to reduce the amount of inheritance tax paid on your estate by having a will created before you pass away? You will likely require the assistance of a solicitor with extensive experience in this aspect of the law, but it’s certainly worth the effort, especially if it saves your family thousands of pounds in tax.
If You Don’t Have a Will People Outside Your Family Will Be Left Out
Because the Government will decide how your estate is distributed upon your death if you don’t have a will made, those people outside your family who you want to leave something to will be left out. The law doesn’t make provisions for people who aren’t immediate family, so if you don’t make a will before you pass away, you won’t be able to leave your friends anything as it will all go to members of your family.
In conclusion, having a will is essential – everyone over the age of 18 needs to make one. While it mightn’t seem like such a big deal if you don’t possess a lot of money or assets, a lot is at stake here, including providing for your loved ones, ensuring the Government doesn’t decide who gets what, reducing inheritance tax and making sure non-family members are included and don’t get left out.