Making a will: Make it your New Year resolution

By 27th December 2017 Wills No Comments

We know how easy it is to keep on putting off making a will, but are the consequences of not having a will worth the risk?

As Antoine de Saint said “A goal without a plan is just a wish’’ and not having a will can mean not being able to choose who inherits your assets, not knowing who will look after your family , children and pets.

Below are some of the most important reasons why making a will should be your New Year’s resolution:

Who will inherit your estate and assets?

Firstly, a will puts you in control. You choose who can benefit from your assets and what they are entitled to. It’s a big misconception that your spouse will automatically inherit all: making a will can protect your family and loved ones.

Another reason most people do not know about is that they can disinherit individuals out of their will. Wills precisely outline how you would like your assets distributed, but without a will, your assets could end up in the hands of someone you did not intend.

Who will look after your family, children and pets?

If you have children under 18, in your will you can appoint guardians to care for your children and the guardian appointed will be responsible for the day-to-day care and upbringing of the children.  When you don’t have a will the authorities take over and make the decision for you. However, they may not choose the people you would have chosen.

We all love animals and the idea of them not having a home is very upsetting. In your will you get to choose who would look after your pets or who you want to leave them to.

Additional to have a will allows you to minimize your estate taxes. The value of what you give away to family members or charity will reduce the value of your estate when it’s time to pay estate taxes.

Making a will is a New Year’s resolution you can keep – and don’t forget you can update your will at any time!

Contact us today to get a free initial consultation.