The Importance of Making a Will

The Importance of Making a Will

A feature article by aregan, Apr 19, 2008

Summary:
No one likes to think about it, but it’s important to make sure we make provisions to ensure that when we die no one is left with any major problems.

Making a will isn’t on anyone’s top ten lists of enjoyable things to do at the weekend. But it’s a necessary task if we want to make sure the right things go to the right people when we die.

Not everyone will have a complicated will – some people find theirs is an easy task to undertake, if they simply want to leave everything to their husband, wife or civil partner, for example.

It’s always advisable to enlist the help of a professional to help you with your will, as they will be able to ensure it is done in the correct manner as recognised by law. This is recommended however simple you think your will is to write. The last thing you want is to cause your family any undue distress by not following the correct procedures. Paying a small fee now to have your will written for you could just save you (or rather your family) thousands of pounds later on.

However before you decide to make your will it’s a good idea to find out more about inheritance planning. This is essentially learning about the best ways to distribute your wealth after your death, to ensure your beneficiaries pay as little inheritance tax as possible – and ideally none at all.

Inheritance tax is well known for being difficult to understand. A professional will be able to advise you of the possible consequences of what you would like to do with your assets, to ensure you distribute your money and property in the best way possible.

Unfortunately many people think that making a will is a five minute job – they simply need to make a statement to the effect that they are leaving everything to one person. But that person may be in for a nasty surprise if you haven’t taken proper advice – especially if they are not your legal next of kin. Even if the will is not challenged the inheritance tax could kick in and leave them with a large bill to pay.

Before you visit a professional to get some advice, it’s a good idea to make a comprehensive list of everything you own. Trying to remember it all off the top of your head is virtually impossible, and by making a list you will have a far better idea of the total value of your assets: it’s usually a lot more than most people think it will be. Don’t forget to add valuable possessions such as jewellery, paintings and any heirlooms that have been passed down to you.

Making a will isn’t a joyful experience, but it is a necessary one if you want to make sure your assets go to the right people after you are gone. Taking some time to make one now will give you peace of mind in the future.

Disclaimer:
This article has been written for information and interest purposes only. The information contained within this article is the opinion of the author only, and should not be construed as advice or used to make financial decisions. Expert financial advice should always be sought and any links contained within this article are included for information purposes only.

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