Sterling Effort

Reasons for making a will

November 22, 2012 by Guest Post in Miscellaneous with 0 Comments

If you have ever thought about making a will, the hassle and stress associated with it may push the thought from your mind. All those meetings with solicitors, the taxing question of how to divide your estate, and to whom, and of course the actual thought of our own deaths mean it’s, not surprisingly, low on the agenda. This is definitely true for most Britons as research has shown that the overwhelming majority have never written a will. Even more scarily, of those who have, a whopping 10% have never told anybody where their will is: making it essentially useless. Despite what you may think, making a will doesn’t have to be a stressful process; moreover, not making a will can cause large amounts of strain on families after the death of a loved one. There are plenty of benefits to making a will: financial security for your family, security for your children if they are below 18, as well as care for yourself in the event of your ill health preventing you from communicating your wishes. So if you’re thinking about writing a will, here is a list of reasons you definitely should…

Financial Security
If you are a single parent, writing a will is highly important to ensure the continued care and protection of your child. To avoid having your child put into care when you have a family member able and willing to look after you child, a will is an essential legal document. Similarly, if you were to die, your child would not see any of your money until they are 18. This may not be an issue to you, however if care should fall to the child’s grandparent or auntie, then they would have no financial support in the upkeep of your child.

Keeping the Peace
Many families fall apart after the death of a loved one because in a time of grief it is hard to make decisions. Your relationships with different family members may be very different, meaning they may all disagree on ‘what you would have wanted’. By writing a will you are maintaining the peace in your family by telling them your wishes directly.

Communicating your Wishes
Making a will isn’t just about planning for the care of your family in the event of death, but also for planning for the care of yourself in the event that you can no longer communicate your wishes. Your will is your opportunity to decide who should be in charge of executing your estate. Being an Executor is a serious responsibility and the person or people you choose will have to do it at an extremely stressful time. If you don’t write a will you will be leaving the responsibility with your next of kin, under the rules of intestacy. If you haven’t written a will the least you should do is go through your wishes and the responsibilities of being an Executor with your children or partner. From filling out probate forms to dealing with tax issues, make sure they are clear on what they need to do. Planning for the future means writing a will, so make sure you take the time to do it carefully. It’s a sad fact that we never know what will happen and when, so there’s never a better time than now to start thinking about what happens after you die.

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Sterling Effort was created to stuff some financial knowledge into those of us who grew up without being taught how money really works; how to make it, save it and grow it. Our aim is to give you clear and concise information regarding personal finance and hopefully provide some entertainment along the way.
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