Making a will, what are the benefits as you get older

As we age, we begin to think more about what will happen to our assets and belongings when we pass away. One of the best ways to ensure that your loved ones are taken care of after you’re gone is by creating a will. In this article, we will discuss the benefits of making a will, and why it’s essential to do so as you get older

What is a Will?

A will is a legal document that outlines how your assets will be distributed after your death. It allows you to specify who will inherit your property, money, and possessions, and can also provide instructions for your funeral or burial. Having a will in place is essential to ensure that your wishes are carried out and that your loved ones are taken care of.

What are the benefits?

Control Over Your Assets: One of the most significant benefits of making a will is that it gives you control over how your assets are distributed after your death. You can specify who will receive your property, money, and possessions, and in what proportions.
Avoiding Family Conflicts: Without a will, your assets will be distributed according to the laws of intestacy. This means that your property will be divided among your surviving relatives based on a predetermined formula, which may not align with your wishes. This can cause conflicts and disputes among your family members, which can be avoided by creating a will.
Protecting Your Children: If you have minor children, a will can help ensure that they are taken care of after your death. You can name a guardian for your children and specify how their financial needs will be met.
Minimizing Estate Taxes: A well-crafted will can also help minimize the amount of estate taxes that your beneficiaries will have to pay. By creating a trust or distributing your assets in a specific way, you can reduce the amount of taxes that your heirs will be required to pay.
Peace of Mind: Perhaps the most significant benefit of making a will is the peace of mind that it provides. By knowing that your affairs are in order and your loved ones are taken care of, you can rest easy knowing that your legacy will be protected.

Why you should make a will

As we get older, our priorities shift, and we begin to think more about our legacies. Creating a will is an essential part of planning for the future and ensuring that your loved ones are taken care of after you’re gone. Here are a few reasons why you should make a will as you get older:

Protecting Your Family: By making a will, you can protect your family from unnecessary stress and conflict after your death. Your loved ones will already be going through a difficult time, and having a will in place can help ease their burden.
Ensuring Your Wishes are Carried Out: By making a will, you can ensure that your assets are distributed according to your wishes. Without a will, your property will be distributed based on the laws of intestacy, which may not align with your desires.
Peace of Mind: As we mentioned earlier, making a will can provide peace of mind. Knowing that your affairs are in order and that your loved ones are taken care of can help alleviate anxiety and stress.
Avoiding Delays: Without a will, the process of distributing your assets can be delayed, which can cause problems for your beneficiaries. By making a will, you can ensure that your assets are distributed in a timely and efficient manner.

Find more information here at GOV UK: Making a will: Overview – GOV.UK (www.gov.uk)

Written on the 14th March 2023 by

Lewis Nelson

As the Company Director at Wiserr, I lead an innovative and impactful platform that provides information and advice on care and health services in local areas. We empower informed decisions and enhance the quality of life for thousands of users, and we are featured in over 3000 GP practices across the UK.

Find me on LinkedIn

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