We are currently going through an incredibly unusual period, and due to lockdowns, office closures and furlough schemes, many processes, procedures and means of operation have had to alter. Numerous businesses have had to change the services they offer, and that has understandably led to confusion over what can be attained during this time, and what cannot.
When it comes to all things related to wills and probates, we here at Bowsers Solicitors want to state that it is very much business as usual. We are still able to provide the same services, solutions and guidance, but due to the altered working conditions, things may take a little bit longer.
Of course, one thing that has been reinforced in recent months is that having a will is not only important – it is absolutely essential. Tragedy can occur without warning, and should such a situation arise, the pain and suffering felt by those left behind is only liable to be more pervasive should there be no will in place.
So, with that very firmly in mind, here are the top reasons to write a comprehensive will.
1. A Will Makes Things Easier for Family Members
If you die without having a valid will in place, it is liable to put additional pressure on friends and family members who are already going through an incredibly stressful time. Without a will, the entire process of dividing up assets can be time-consuming, demanding, and could potentially even result in arguments.
2. Without a Will, the Law Decides
If you die without having a will in place, it could result in a situation where your assets and finances are divvied out by the law, rather than by family members or close acquaintances. Should this occur, things could end up with people that you would rather didn’t attain them. Writing a will is the best way of ensuring this doesn’t happen.
3. It Could Reduce Inheritance Tax (IHT) Payments
Inheritance Tax is something that is paid should an individual’s combined estate be worth in excess of £325,000 at the time they die. However, there are ways to avoid hefty lump sums, and one of the most efficient ways to do this is via the writing of a will. A will – when written in conjunction with a financial expert – can ensure that certain monies or assets are donated or gifted, which can result in significantly reduced IHT payments.
4. It Can Keep your Family Safe
If you die suddenly it could be that your family are left without a regular source of income. By writing a will you can ensure that anyone who depends on you financially will be looked after and will not have to endure additional stress due to cashflow problems.
If you are considering writing your first will, want to update one you have already written, or simply have any related questions, get in touch with us today and we’ll be more than happy to help.