If you are of working age, you should consider writing a will, as in the event something happened to you, your estate will be left to those you wish. Writing a legally binding will that is signed in the presence of witnesses leaves nothing to chance, and if you are thinking that your partner will automatically get everything you own, without a will, one can never be sure. If you think that making a will is only for the elderly or terminally ill, here are just a few of the reasons why writing a will is strongly advised.
- Provide for your Loved Ones – If a person dies without writing a will, this is called “intestate” and that means the deceased person’s estate would be distributed according to ancient British laws that haven’t changed for over a century. There are affordable will writers in Bradford who will even come to your home or office and with their expertise, the will shall state your last wishes in a clear manner.
- Avoid Family Conflicts – There are many occasions when a person dies intestate and their estate is distributed in a way that causes family conflicts. Perhaps one family member feels they have been treated unfairly, which could lead to a will dispute, and the last thing anyone wants is for their family to be at odds with each other. By stating clearly, how you wish your assets to be distributed, you are avoiding a scenario where certain family members might be unhappy about the outcome.
- Think of the Future – If you have children, you would naturally want their education to be guaranteed and by forming a trust, you can ensure that the funds will always be available for your children to pursue their chosen career path. If your partner were to remarry, for example, you would want to be sure that your children are taken care of financially and setting up a Trust is one way to ensure the future of your children.
- Minimise Taxation – When a person dies without having written a will, the estate will be subject to taxation, and while that might also be the case in the event a will exists, the amount of tax payable would likely be much less.
- Prepaid Funeral – If anything were to happen to you, the last thing you want is for your family to be financially burdened at such a difficult time. Furthermore, you can decide what kind of funeral you would like and many people do plan their own funeral as it lessens the burden of those left behind.
Nothing in this world can be taken for granted and by making provisions as to how your estate would be distributed should the worst happen will ensure that your loved ones are taken care of as you would like. Of course, you can make amendments to your will at any time and once this has been completed, you will have peace of mind. Providing for your family is an essential step to take and this applies to everyone of working age or older.