Thousands of adults pass away each year without writing a will. In fact, Kings Court Trust estimate that two-thirds of the British public haven’t written one yet. The absence of a will can make things complicated during probate. Without a will in place, it can be possible for unclaimed assets to avoid detection by administrators, resulting in them being missed from the estate administration.
Passing away without a will means that the rules of ‘intestacy’ will apply to your estate. Which will result in your assets being distributed in a regulated way, which may differentiate against your wishes.
Writing a will in your thirties or forties may seem depressing but you should plan at an early stage. The forward preparation ensures your assets go to the right place and gives you a peace of mind.
Here’s five reasons why it’s essential to put writing a will at the top of your to-do list:
- You decide where your money goes
Without a will, it’s impossible to inform your family about who you want your money to go to. Estates from an intestate individual can often end up in the hands of distant relatives, or even the government, opposed to close family and loved ones.
- You can sleep easy knowing your family are financially secure
Getting ahead of the game and writing a will guarantees that, even if you die, your family will be financially looked after with the money you left to them. This is particularly important if your family are economically dependent on you.
- Easier for your family to organise
Having a will in place will make it easier for your family to organise your affairs and administration. This small act will save them unnecessary distress, during what will already be an incredibly difficult time.
- Reduce inheritance tax for surviving family members
The families of those who have died intestate end up paying undoubtedly more inheritance tax than those who don’t. Reducing inheritance tax is especially important if you’re planning to leave money to a spouse or partner. If you pass away intestate, they might be forced to pay a hefty inheritance bill, and your assets could end up going to other, distant relatives, rather than them.
- Locate the unclaimed assets
If you written a will, detailing the full extent of your financial assets, there is a much smaller chance of any finances going astray during the estate administration, meaning that the intended family and friends will receive the entire contents of your estate and no cash will be lost.
Have you written a will yet? Do you have any recommendations or advice? Let us know.
Josh Cousens – Inheritance Data.