02/05/2023
Why should you make a will?
Set out below are a few reasons as to why you should make a will, even if you do not have any assets or any assets which are of significant value.
1. Your funeral arrangements. Your wishes in relation to whether you would want to be buried or cremated can be included in your will as can arrangements for the service itself and, if you are cremated, what you would like to happen to your ashes.
2. Minor children. Whilst none of us expect to die before our children have reached the age of majority, sadly it is sometimes the case that this happens. A will allows you to appoint guardians for your children to ensure their well-being after you have died, thereby giving you peace of mind that should the worse happen your children’s welfare will be secured and in the hands of someone you trust.
3. Your personal possessions. Do you have personal possessions which may not be of particular value in monetary terms but do have sentimental value – for example, a particular piece of jewellery, a painting or maybe even an item which you inherited yourself from a loved one which you would like in turn to gift to a family member or friend. Any such items can be specifically identified in your will and gifted to individuals.
4. Your digital assets. Do you have photos stored in the cloud or on a social media account? You may even have online accounts where you have accrued substantial loyalty points or bonuses. If so, a will can set out your wishes as to who you would wish to inherit these items, albeit subject in the case of any online/social media accounts to the terms of the user agreements themselves.
5. Trust and tax arrangements. By making a will you can also put in place arrangements to provide for your estate to be held in trust. Setting up trust arrangements could result in substantial tax savings ensuring that as much of your estate as possible is available for distribution to your loved ones. It may also be helpful to know that a charitable donation is free of inheritance tax.
6. Testamentary freedom. In England and Wales testators are free to leave their assets to who they wish. However, it is important to have regard to any claims which beneficiaries or potential beneficiaries may be able to bring against your estate after your death. Whilst making a will may not prevent someone from bringing a claim against your estate following your death, it may assist in defeating the same and is your opportunity to have a “voice” in relation to any such claims after your death. When making a will consideration should always be given to any such potential claims and as to whether reference should be made to them in the will.
Conclusion
As the latest research demonstrates, making a will is often something that people put off doing because they think they do not need one, are too young to have one, do not have time to make one or do not know how to go about doing so. However, these are not good reasons for not making a will and as it is fact that sadly none of us know when we are going to die, do not delay, make a will today!
