The Benefits of Making a Will
A Last Will and Testament offers a person the chance to order their affairs in the event of their passing, and while no one likes to talk about death, there are certain things to bear in mind. If you die without making a Will, this is known as “intestate”, and for those who think that in the event of their death, things will just work themselves out, this is very often not the case. Here are just a few reasons why it makes sense to write a Will.
You may have a very dear friend, someone who means a lot, and you would like to leave them something when you are gone, and by writing a Will, you can clearly state what you would like to leave to any person, for whatever reason. Failure to do this will result in UK laws deciding on what happens to your estate after your death. If you are in the UK, and are thinking of making a Will in Suffolk, there are online Will writers who will come to your home and assist you in creating the perfect document.
Appoint an Executor
When you write a Will, you also nominate someone to be the executor, and this person will ensure that the terms and conditions of the will are upheld. A person may have a son, and would not feel happy leaving a large sum to such a young person, so they can instruct the executor to release the money in stages, in such a way that the beneficiary is not able to misuse the entire estate.
Think About your Partner
If you are not married, your partner does not have automatic rights to your estate if you die, and for this reason, it is essential to make a Will. If a person dies intestate, their unmarried partner can lodge a claim through the Inheritance Act, but it is quite a costly procedure, with no guarantees of success.
If a person is concerned about their children’s welfare should they die, it is possible to name guardians in the Will. Of course, you would have to consult with the person or people you would like to take care of the children first, and if they were agreeable, this can be a condition in your Will.
Arrange your Own Funeral
Many people actually like to organise their own funeral, it might be that the person requests for all their family and friends to have an evening together down the local pub, and have a drink in their memory. In short, you get to choose how you will leave this world, and to that end, you are in control of the funeral costs, as many people regard expensive funerals as a waste of money and would rather see the funds used to support immediate family.
It makes sense to decide on what happens to your estate when you die, and failure to do so, could result in a very different outcome from the one you had in mind, so if you haven’t yet made a Will, perhaps now is the right time.