Why Write a Will
There is a fairly common assumption that if you don’t own very much there’s little point in making a will. The assumption further argues that making a will is expensive and time consuming, so it’s better to save your money and your time and just get on with living.
That may be the easy way out - for you. However, when you die without a will the law will decide who gets what. The result may be considered unfair by family members who may resent the fact that you didn’t think enough of them to properly specify who the beneficiaries of your estate should be.
Around two thirds of those who die in Britain have no will. In these cases the Law of Intestacy (1925) comes into play. If you are unmarried and if you have no close relatives, then the Crown can claim your estate. In other words, no one will receive any of your possessions other than the government.
If you write a will you are effectively tidying up your affairs and showing clear consideration for those you will leave behind. Circumstances change of course, so it can be a good idea to review your will every five years or so and make any amendments or adjustments you deem necessary.
Having a will in place makes the pain of death much easier for those you leave behind. Dealing with intestacy, the situation where there is no will, is a difficult and lengthy process. It can be stressful and very upsetting as well. It is in fact all the things you would rather avoid at a time that is already fraught with stress and difficulty.
There can be sensible financial considerations for writing a will. Inheritance Tax can be a burden, especially where a substantial sum is inherited. A Nil Rate Band Discretionary Trust stipulated in a will to be set up for your surviving spouse or children can minimise the amount of Interitence Tax payable and thereby maximise the benefits to your family.
One good reason why you should write a will is so you can make your own funeral arrangements and see to the costs. If you specify that part of your estate will pay for the funeral, and money is set aside for this, then your family will not have to pay the large bill that usually accompanies a funeral. You can also state where the funeral should be held, which hymns or readings should be used, and whether you wish to be buried or cremated. This can mean a considerable saving in time and money for the grieving family.
Writing a will and registering it is the best way to make sure that there is no last minute scrambling around by relatives searching for a will, wasting time and money in the process.
Writing a will also ensures that those who may need your money after you have gone, and who have the right of inheritance to it, will have access to it as soon as possible, thereby avoiding possible hardship. Writing a will simply makes sure that everything in your estate is tied up in the best way possible for the greatest number of people concerned.
Resources:
http://www.direct.gov.uk/en/Governmentcitizensandrights/Death/Preparation/DG_10029802
http://www.certainty.co.uk/making-a-will