It is never pleasant to consider, but the importance of a will to your family’s future cannot be understated. In this article, we will explore the benefits of a will to your financial security.

A will is a legal document dictating exactly how you would like your assets to be distributed after your death. These assets can range from properties, to savings, to items of personal value – anything you own can be included in your will. Without a will, there is nothing to guarantee who will take ownership of your assets, leading to potential disputes and further stress in an already trying time.

Of course, your will must be written with the assistance of a professional. For such an important document, it is important you work alongside probate solicitors in Leeds, Leicester, Loughborough, or wherever else you may be based. With the correct guidance, you rid yourself of worry, and guarantee stability for your family once you are gone.

Your will benefits you and your family in multiple ways. In this article, we will outline some key examples.

A Will Provides Clarity of Intentions

Without a will, your family and loved ones have no way of knowing who you intend to have each of your assets. Writing a will ensures that your beneficiaries understand your wishes and guarantees that those wishes are seen through. It gives you the option of leaving your property and money to whoever you want, including children, close friends, de-facto spouses or even charities and non-profits. 

You can appoint an executor of your choosing to oversee the distribution of your assets. In this way, somebody you trust will make sure your will is followed. It also eliminates any confusion as to who is responsible for organising your assets after your death.

Furthermore, you can include funeral instructions in your will;you can specify preferences such as burial, cremation or religious ceremony.

Overall, your will ensures that everything you own is left with who you want it to be, with no mistakes as to your intentions.

A Will Financially Aids Your Family After Your Death

If you are the main source of income for your family or other dependents, your death could put their financial security in jeopardy. In this case, your will protects them from this danger. Your savings can be distributed just like any other asset. 

For example, you can leave money towards your child’s education if they are still in school or university. The same goes for any kind of expenses; healthcare, bills, living costs, debts – your will can cover any number of these, alongside any other financial needs.

A Will Minimises Chances of Conflict

When there is no clear direction as to where you want your belongings to go, any potential beneficiaries may make their own claims for your various assets. Often this leads to conflict between two or more loved ones vying for ownership of the same asset. During an already trying time, this only adds to the stress for all involved. 

Wills outline exactly who is to receive which asset, eliminating the risk of argument and conflict between beneficiaries. The last thing you want is for your loved ones to fall out after your death; a will helps to make sure this does not happen.

A Will Can Arrange Guardianship for Your Children

In the tragic event of your death before your children or other underage dependents come of age, you want to be certain they are cared for. A will allows you to appoint a trusted legal guardian to look after any minor children until adulthood. If you have any children under the age of eighteen, it is crucial you have a will for this reason.

It would be devastating for your children to have no guaranteed care following your death. Equally, your children could end up under the care of somebody you would not approve of. Thus, it is paramount that you appoint guardianship for all your children in a will.

A Will Offers Certain Tax Efficiency Benefits

Inheritance tax is an unfair burden to any beneficiaries receiving your assets. Without a will, your property is likely to be taxed far more heavily than if you had one. Not only does place unbidden expenses on your loved ones, but it can also – in the case of distributed savings – limit the amount of money that reaches the beneficiary.

Not only this, but a will can also reduce potential stamp duty on any real estate you own.

A Will Gives You Peace of Mind

Despite the countless benefits of a will, the greatest is the peace of mind it brings. We all worry about death in some way, and any method of reducing that anxiety should be explored. With a will to confirm the future financial security of your family, you can be unburdened from the question of whether they will be okay once you are no longer around.

Not only does it offer solace for yourself, it also makes proceedings far less stressful for your loved ones in the event of your death. They will be free to mourn without the added baggage of disputes, extensive tax duties, uncovered expenses and uncertainty.

There are no reasons to not write a will, so contact your local probate solicitors and ensure the financial stability of your family.

Please be advised that this article is for general information purposes only, and should not be used as a substitute for advice from a trained legal professional. Be sure to consult a lawyer/solicitor if you’re seeking advice on the law. We are not liable for risks or issues associated with using or acting upon the information on this site.