5 Ways Having a Will Helps Your Loved Ones

Leaving a will simplifies decision-making for your loved ones, providing guidance and certainty about your wishes.

Nominate an executor in your will to manage and distribute your estate. Without a will, the court may appoint someone you wouldn't have chosen.

A will allows you to include non-legally binding instructions for your funeral, easing the stress on your loved ones.

Making a will helps prevent disputes among family members by clearly stating how you want your estate distributed.

A will ensures that your estate is distributed according to your wishes, providing security for your loved ones, including those not automatically entitled under intestacy laws.

Symes Bains Broomer offers expert advice and support for creating your will. Call us on 01724 281616 or email info@sbblaw.com for more information.

If you die without a will, the intestacy rules in the Administration of Estates Act 1925 decide who inherits. The rules favour spouses and blood relatives in a fixed order. Unmarried partners, stepchildren, godchildren and close friends receive nothing, regardless of how close the relationship was. The same applies to charities you might have wanted to support.

A will lets you decide exactly who gets what. You can leave specific items to specific people, set aside cash gifts for friends or charities, and direct the residue of your estate however you choose.

For parents of children under 18, a will is the only mechanism to appoint a guardian. If you do not appoint one, the court decides, often in slow proceedings while extended family argue. A clearly named guardian in a will gives the court a strong starting point and gives your children continuity.

The same will can set up a trust to manage assets for the children until they reach a sensible age, rather than handing them a lump sum at 18.

A clearly drafted will, with a named executor who knows the role is coming, can dramatically reduce the time and cost of administering an estate. Banks, the Land Registry and HMRC all move faster when there is a valid will, a named executor with authority, and clear instructions on who is to receive what.

Where there is no will, the family must apply for letters of administration, which takes longer and often costs more in legal fees.

Inheritance tax of 40% applies to estates over the nil rate band. A properly drafted will makes use of all available allowances: the spouse exemption, the residence nil rate band where children inherit the family home, the transferable nil rate band between spouses, charitable gift relief, and where appropriate, trust structures.

For larger estates, the difference between a properly drafted will and the intestacy rules can be tens of thousands of pounds in additional inheritance tax.

Disputed estates are stressful, slow and expensive. A clearly drafted will, professionally prepared and properly executed, makes a successful challenge much harder. Where there is a blended family with children from different relationships, a will is essential to protect each group of children and prevent the surviving spouse from inadvertently disinheriting any of them.