5 reasons to make a Will

Posted on 5 October 2021 in Tax, Trusts & Succession

Why make a Will? It is important for you to make a Will, no matter whether or not you consider you have many possessions or much money. Here we set out five main reasons why it is essential to make a Will.

Provide for your loved ones

Making a will is the only way to ensure that your assets are distributed as you would wish after you pass away. This is particularly important if you have loved ones that you want to provide for.

If you pass away without leaving a will, your estate will be distributed in line with the laws of intestacy. The intestacy rules do not account for modern family structures or take into account your circumstances. As a result, if you wish to provide for children, stepchildren, a partner that you live with, or any other person you must make a will to reflect your wishes.

Leave a gift to charity

Charities in the UK rely on gifts and donations to survive. If there is a particular cause or charity you believe in, you may wish to consider leaving them a gift in your will.

Protect your assets

A big part of the will-making process involves estate planning and protecting your wealth for future generations. When you make a will, you can structure your estate in a way that is tax-efficient and ensures you leave behind as much as possible for your loved ones.

Avoid family disputes

No one likes to think that their family will become involved in a dispute, but a death in the family is a highly sensitive time. If it has not been made clear who you wish to inherit from your estate, or where an important person in your life has not been provided for, you may be leaving your loved ones in a difficult situation. In the most challenging cases, court action may be necessary to secure provision for dependants which can be costly and a long process. The best way to protect your family from potential disputes is to draft a will and discuss your wishes with them.

Choose the people you trust to handle your affairs

In your will, you can set out who you wish to be the executors of your estate. You should choose people you trust, but also those most capable of carrying out the role. For example, you may need a digital executor to manage your digital assets and online accounts, so this should be someone confident with technology.

How can Tozers help?

For help and advice on putting a Will in place, or amending a current Will, please contact our dedicated Wills and Probate team, who will be happy to help.

Contact our legal experts

Gráinne Staunton

Posted by
Gráinne Staunton
Partner & Solicitor / Head of Private Wealth

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5 reasons to make a Will

Provide for your loved ones

Leave a gift to charity

Protect your assets

Avoid family disputes

Choose the people you trust to handle your affairs

How can Tozers help?

Recent cases

Wills and Succession Advice

Inheritance Tax & Succession Advice

High-value estate Administration

Multi-jurisdiction Estate Administration

Estate Administration

Significant Inheritance Tax Savings

Agricultural Property Relief

Business Property Relief

Unpicked Complex Trust Provisions

Estate Administration and Tax Structuring

What our clients say

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