Whether you’re in your early 20’s or in your late 50’s, making a will is necessary if you would like a say in how your assets are shared after you have passed away. If 2020 has shown us anything, it’s that anything can happen at anytime, and it doesn’t hurt to be prepared for the worst.
Here are four reasons why all those over 18 should consider making a will:
- With developments in technology, more people are able to start earning substantial amounts of money from a younger age. From influencers to bloggers, the internet and the rapid consumption of media, there are easier ways to become wealthy compared to 20 years ago. In the event of something happening suddenly, a will lets your family know how you would like your assets to be shared. You can update your will as you wish at anytime.
- A will is important if you have people that depend on you financially e.g. children or other family members. It can ease the pressure of distributing assets during an stressful time. It also let’s beneficiaries know where they stand regarding what they are entitled to.
- Having a will can help reduce the amount of inheritance tax that you have to pay to the government after you have passed away. Inheritance tax is compulsory for those with an estate worth over £325,000. If your home is left passed on to your children or grandchildren, the inheritance tax threshold can increase to £500,000. Outlining your wishes can simplify this process for your executors in future.
- If you are young and suffer with a long-term health condition, it would be beneficial to create a will in the event of sudden death. Regardless if you have many assets or not, you may still want a say in how you are laid to rest and having a basic will can let your family know your requests.
It’s never easy think about the process after death, but it is necessary to ensure that your wishes are carried out in the best way possible. Although a will does provide security for your assets, it does not mean that others can’t contest it if they disagree with what has been outlined. In addition to a will, something to also consider is appointing some as your lasting power of attorney.
T K Williams-Nelson
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