In a recent research it was found that more than two-thirds of people in the UK don’t have a Will. A lot of people believe they are either too young to write a Will or that it’s too costly or they don’t have enough assets to make writing a Will worthwhile.

The truth is that dying intestate (without a Will) can make what is already a difficult time a lot harder for your close ones. By writing a Will, you leave your family clear instructions on your wishes, from who will receive specific items to the kind of funeral you would like. Wills can also be used for tax planning and to protect your assets for future generations.

Why Making A Will is Important?

There are many good reasons why you should write a will:

  • You can ensure that your close ones receive all of the assets you want them to receive.
  • If you're a sole director, it's possible that if you die without executors, nobody can authorise payments (including to staff), so your business could collapse.
  • The amount of inheritance tax paid can be reduced by legal means.
  • If you have children, you can appoint guardians who will look after them and ensure there are funds to help if they were orphaned.
  • You can donate money to your preferred charity.
  • With the Will you can ensure that your children inherit from you even if your surviving spouse re-marries.
  • If you are living with a partner but not married, you can ensure they are able to live in your house if you died and get whatever inheritance you want them to have.

What Will Happen If You Don’t Have A Will

Writing a Will

If you die without a Will, your estate will be dealt with under the rules of intestacy. This means your estate, or everything that you own, is distributed in accordance with the law by an administrator without your wishes. Depending on the value of your estate, this could mean your partner suffers financially and doesn’t receive everything even though they are your next of kin.

It’s particularly important to make a Will if you are living with your partner but you are not married. There is no such thing as a “common law wife/husband”, so your estate could go to another family member and your partner could be forced out of their home. You should also ensure that you make a Will if you have children as you can plan for the child’s future and nominate a guardian to care for them.

To find out more on Will Writing services please call us on 03300 88 66 86 or email at info@dnsaccountants.co.uk

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