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Benifits of Making a Will

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Making a Will gives you the opportunity of ordering your affairs for after your death. We all have a natural reluctance to contemplate our own death, but it is the one thing in life that is guaranteed. If you don’t leave a Will then the law will step in and a rigid set of rules, known as the Intestacy Rules, will dictate what happens to your property and your money.

By making a Will you can control how your property and affairs will be dealt with. It will ensure that your wishes are properly taken into consideration and it will make life much easier for those you leave behind.

The advantages of having a will / Benefits of having a Will.

  • You decide who inherits your wealth
  • Less stress for your family
  • You choose and appoint executors you trust
  • Fast, efficient dealing with your estate and wishes
  • You can appoint guardian for your children
  • Avoid the rules of intestacy
  • Your wishes for your funeral arrangements
  • Paying less inheritance tax

You decide who inherits your wealth

It informs the individuals who will be receiving your assets Importantly, it is you who can decide who/where you want your property and assets to go after you die (e.g. money, real property, personal belongings). This means that you can ensure that those closest to you will receive your assets, such as your adult children and other dependents. On the contrary, you also have the choice to leave assets to beneficiaries who are not related to you, e.g., de-facto spouse, friends, and charities.

Less stress for your family

Less stress and disputes for your beneficiaries Having a will in place makes it much easier and quicker for your family, relatives, or friends to sort everything out according to your wishes when you die. Without a will, the process can be more time-consuming, stressful, and subject to more disputes as there would be an inevitable lack of clarity.

You choose and appoint executors you trust

You can choose and appoint an executor(s) you trust Executor(s) are individuals appointed and named in the will to handle your affairs and requests after your passing. By creating a will, you will have the freedom to pick who you want that executor to be. You can appoint up to four executor(s) you trust to manage and distribute the assets. You may choose to have a professional executor, such as a legal professional, law firm, or accountant. By having a will, you can avoid having family members or friends applying to court and competing to become an administrator(s) of your estate.   

Fast, efficient dealing with your estate and wishes

Quickens the overall process Your executor(s) will be able to get hold of the assets almost immediately without the need to go through a court process. Court administration may take months and may result in family members not having access to vital cash flow in times of need (e.g. to pay for living expenses, funeral arrangements, etc.).

You can appoint guardian for your children

You can appoint guardians for your children Having a will is especially important if you have minor children and you would like to appoint a legal guardian whom you can trust before they reach adulthood.

Avoid the rules of intestacy

Avoidance of standard distribution under the law of intestacy. If you do not have a will, everything you own will be distributed in accordance with the laws of intestacy under Common Law, which may not necessarily result in the way you would expect. For example, if you have a spouse but no child, your estate may be split between your spouse and your other family members. Having a will can give you peace of mind. 

Your wishes for your funeral arrangements

You can include in your will other wishes, such as funerary arrangements, burial or cremation, religious ceremony, etc.  

Paying less inheritance tax

Creating a will can help reduce the amount of inheritance tax payable on the value of the property and money you leave behind. This will help increase your tax savings.   Since this varies from jurisdiction to jurisdiction, you may wish to consult an expert or lawyer to get a better idea of the details.