Law Vault - Why I Should Make a Will

1. Distribution of your assets will be according to Law and not your wishes

If you do not leave a Will there are set rules about whom your Estate will pass to. Unmarried Couples have no right to their partners Estate’s.

2. Administration of your Estate will be determined according to Law and not your wishes

Without a Will the people who administer your Estate will be the people who benefit from it regardless of how capable they are. This can be a real problem if the task falls to loved ones who cannot deal well with the task.

3. Having a well thought out Will may make a challenge to your Estate less likely

Certain people may be able to claim against your Estate if reasonable provision is not made for them. This can cause huge amounts of stress and inflict large legal bills on your loved ones. By having a Will you can make reasonable provision and clearly set out your wishes making it more difficult to challenge.

4. You can leave instructions for your funeral

Decisions about a funeral will have to be made quickly after your death. If you have never spoken with your loved ones about this sort of thing it can cause anxiety and distress as they try to guess what you would want. You can use your Will to leave directions about what you would want to happen.

5. You can limit the Inheritance Tax you pay by leaving a Will

You can make your Estate tax efficient if you leave a Will. Gifts between spouses are tax free. Under the Intestacy Rules your entire Estate will not automatically pass to your spouse meaning that the part of your Estate which passes to other relations may attract Inheritance Tax.

Leaving a Legacy

Leaving a legacy to charity in your Will allows charities to continue to carry out important work in their field. It allows you to continue to support your chosen charity after death and maintain a link with a charity which you may have a very close bond with.

It is recorded that approximately 8 out of every 10 people in the UK give to charity amounting to some £10.6 billion in 2014. Without this money and with cuts to government services charities would not be able to carry out the vital role they have in fighting medical conditions and diseases or poverty and helping some of the most vulnerable people in society.

Leaving a legacy in your Will can take away many of the barriers of why people do not give to charity. You can control what the money is used for, you will only receive further information from the charity if you want to and you have complete control over how much you give.

There are also some tax benefits to your Estate. Firstly the gift itself will not be included in your taxable estate if you leave enough money to charity it can also lower your inheritance tax rate from 40% to 36%.