Why Making a Will Helps to Protect Loved Ones
July 20, 2017
July 20, 2017
Have you ever considered writing a will? According to a recent study one in four people over the age of 55 do not have a will in place with 59% of all adults in the UK have not written a will at all.
These statistics are shocking but is there any surprise when there is little to no information about what to do with your belongings after the unexpected occurs. However, writing a will is a necessity as not only will it give you peace of mind, it will also help protect your loved ones.
So, What Exactly Does a Will Do?
A will is defined as a legal document that sets out your requests concerning the distribution of your property, assets and the care of any children you may have.
To increase the chances of your wishes becoming a reality you need a will that is set out in writing and made sure that it is signed by both you and your witnesses. However, make sure you have dotted every I and crossed every T as if your will doesn’t meet certain standards, your requests may not be carried forward.
Why Do You Need a Will?
There are endless reasons as to why you should invest in a will. Firstly, it will give you individual preferences over your belongings. If you have young children, writing a will will let you provide for them.
A will not only benefits you but also your loved ones. There’s no doubt after a family member passes away, emotions run high and so do tensions. Everyone believes they know what’s best- so if you do not have a will in place, it may cause some family upsets. Creating a will minimises stress among survivors.
If you do not have a will, the state will oversee the distribution of your assets. There is a common misconception; the state does not inherit your assets but will instead distribute them according a basic formula. This formula is often based on half of your assets going to your spouse and the other half divided amongst your children.
Benefits of Creating a Will
As aforementioned, a will is a necessity in order to save your family money, time and grief. However, there are other benefits:
- You’re in Control of Your Assets
- You Can Change Your Mind
- You Can Choose Who Will Help Manage Your Assets and State Affairs
If you would like any more information on wills or how Bespoke Support Network can help, please get in touch on 0300 303 3441.