It’s estimated that three in five adults in the UK don’t have a will in place. This means that 31 million adults in the country could have their assets divided by the state when they pass. The issue is that so many people assume that wills are only for people with many beneficiaries and lots of possessions. Or they assume that they’re only worthwhile past a certain age. But, in reality, virtually anyone can benefit from having a will, and you should consider drafting one today if you haven’t done so already. Here are some of the reasons why everyone should consider having a will.
It’s Easy and Cheap
One of the many reasons why people don’t have wills is because they think it takes time, or that the process is complicated. In reality, drafting a will is now easier than ever. You have services today that will allow you to create a will right from the comfort of your home. And it will be perfectly valid as long as you choose the right service, fill in the information correctly, and have it signed and witnessed properly.
It’s always a good idea to plan ahead and get your will in place, and if you’re looking for a reputable online will service, you should check out ELM Legal Services. They have enabled thousands of citizens to draft their wills online and they will be more than happy to help you with the process. They offer webcam wills as well and all their wills are perfectly legal. All you have to do is make sure that you have your information ready, and they will send the will over to you by mail to be notarised and signed after a few days.
Your Wishes Will Be Carried Out
Having a will ensures that your wishes are carried out after you pass. This will allow you to have control over not only your money, but things like child custody as well. If you have a child but don’t have much to pass down to them, you should at least have a will to control who will take care of them. If they have a relative you know would love to take over the responsibility, and your children have a great relationship with them, you don’t want the courts to force them to live with someone they don’t like or who doesn’t want to take care of them. If you care about your child’s future and their well-being after you pass, you have no choice but to draft a will.
Another thing that a will can control is what will happen to your body. Some people may not care about this, but others may not want their bodies to be cremated, for instance. Others may have very specific instructions for their funeral, such as where it should be held, who they want present, what the ceremony should be like, etc. There is no other way for you to have control over this than a will, so you’ll need to take this into consideration.
It Makes Succession Easier
If you don’t want to subject your family to unnecessary stress after your death, get a will. If you die without a will, all decisions about how your estate will need to be carefully considered and assessed. This can lead to disputes and frustration, or even resentment towards you.
A lot of people also underestimate how long these types of procedures can take and how they may be leaving some of the people they are leaving behind in financial distress. So, if you want everything to go as smoothly as possible once you pass, the only way to do so is through a will.
Protect People from Tax or Maintenance Burdens
Some people trust the state to divide their assets properly, but this is a bad decision, even if you only have one beneficiary. You might assume that the person that gets your assets will be thrilled by it, but you may be putting some additional burden on them. Some assets, for instance, might be subject to inheritance tax. Not everyone will be able to deal with that.
In some other cases, assets can carry debt or immediate costs, such as a boat, for instance. Boats can be valuable assets, but they have additional costs attached to them, like docking for example. And, even if it can be sold, you never know if and when they’ll be able to do so. Having a will allows you to allocate assets to people who will appreciate and be able to maintain them.
These are all reasons why you should consider drafting a will today if you don’t have one already. Dying without a will could have much greater consequences than you imagine and drafting one is so simple these days, so don’t make that mistake.