Creating a will is a task that often gets postponed or overlooked, as it involves contemplating our own mortality. However, having a well-drafted and up-to-date will is crucial for everyone, regardless of age, health or wealth. In this blog post, we will explore the importance of creating a will and how it can protect your assets and loved ones.

1. Ensuring Assets are Distributed According to Your Wishes:
A will allows you to specify how you want your assets to be distributed after your passing. Without a will, your estate will be subject to the intestacy laws of your jurisdiction, which may distribute your assets in a way that does not align with your intentions. By creating a will, you have control over who receives your property, money, investments, and sentimental belongings.

2. Provide for Your Loved Ones:
A will enables you to provide for your loved ones, including your spouse, children, or other family members and dependents. You can designate guardianship for minor children, set up trusts to manage assets for their benefit, and ensure their financial security. Creating a will gives you peace of mind knowing that your loved ones will be taken care of according to your wishes.

3. Minimise Family Disputes and Legal Complications:
When a person passes away without a will, it can lead to family disputes and legal complications. In the absence of clear instructions, arguments may arise amongst family members regarding the distribution of assets, guardianship of children etc.. Creating a will can help minimise potential conflicts and provide a clear roadmap for your loved ones to follow.

4. Appoint an Executor:
A will allows you to appoint an executor, who is responsible for managing your estate and carrying out your wishes. This person ensures that your debts are paid, assets are distributed correctly and the legal process is followed. By choosing a trusted individual as your executor, you can have confidence that your estate will be handled efficiently and in accordance with your instructions.

5. Plan for Tax Efficiency:
Creating a will allows you to plan for tax efficiency and potentially minimise the tax burden on your estate. With proper estate planning, you can take advantage of tax exemptions, deductions, and strategies to maximise the assets that go to your beneficiaries. Consulting with a tax professional or an estate planning attorney can help you navigate these complexities and make informed decisions.

6. Update Your Will Regularly:
It's important to review and update your will periodically, especially when significant life events occur, such as marriage, divorce, birth of children, deaths in the family or changes in financial circumstances. Keeping your will up to date ensures that it accurately reflects your current wishes and avoids potential complications down the line.

Creating a will is an essential step in protecting your assets and ensuring your loved ones are taken care of according to your wishes. It provides peace of mind, minimises family disputes, and allows for efficient estate administration. Don't delay in creating or updating your will, as it is a responsible and thoughtful decision that safeguards your legacy and the well-being of those you care about.

Whether you’re making a new will or making amendments to your existing will, our expertise and experience here at Haighs means that you will receive a fast and efficient service and we will make sure that you fully understand the implications of your decisions, such as:

• Who will look after your children?
• Who will deal with the administration of your estate?
• Who will inherit your savings?
• Who will receive personal possessions such as jewellery and family heirlooms?
• How is your estate divided?
• How will your funeral be paid for?
• What are the tax implications?

If you are considering making or amending a will, call Nick on 01924 489197 or email nick@haighssolicitors.co.uk

Prices start at £200 + VAT for a single will and £250 + VAT for mirror wills.