Why You Should Make A Will

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Nobody likes to think about what will happen when it’s our time to die, but if you’ve spent your life working hard to earn and save money, you need to be sensible and protect it for after you’re gone. The best way to do this is to create a will. Here’s why everyone should make one. 

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Reasons You Need A Will

A will makes it much easier for your family and other loved ones to sort out your property after your death. Without a will, this process can take a long time and be very stressful and upsetting for those involved. 

Without a will, everything you own will be shared out in a standard way defined by the law. This might not reflect what you actually want and can leave out partners you aren’t married to, children who aren’t yours by blood and any friends you want to benefit. Will solicitors can help you make a will that helps who you want it to. 

Leaving a will can also reduce the inheritance tax that might be payable on the value of any money or property that you leave behind. 

Having a proper will is especially important if you have any family who depends on you financially, or if you have anyone outside of the immediate family who you want to leave something to. If you're making plans like window shopping for winter wedding dresses, it's not a bad idea to start looking into wills too. It's something that you're going to need to have covered, for the sake of everyone.

Your Wishes And Who Carries Them Out

Your will tells those you leave behind two things:

• Who should inherit your money, possessions, and property when you die
• Who will be in charge of organizing your estate and following the instructions you leave behind. This is the executor.

As well as this, you can also write into your will when other wishes you might have, like your wishes for your burial, cremation, or your funeral. The executor should be someone you trust to do their best to make sure your wishes are followed. While everything might not be possible, a will gives you the best chance of having everything turn out how you want. 

Create A Legal Will

Your will doesn’t need to be as formal as you might think. In order to be valid, your Will needs to have a few things.

• It must say how your estate should be shared out when you die.
• It must be made when you were able to make your own decisions and were put under no pressure about who to leave things to. 
• It must be signed and dated by you in the presence of two independent, adult witnesses, and then by these two witnesses. The witnesses cannot be people who will inherit everything from you, or the husband, wife, or civil partner of someone who will inherit. 

While it might not be what you want to think about, a Will is an important part of being smart about your money. It’s important to make a plan for after your death to help your loved ones who may rely on you for financial support and to help them in the first weeks after you’re gone.