Why You Should Get a Will Before It’s Too Late
Hi, I’m Arlyne Chinyanganya, founder of Roots to Froots and one of the Global Top 50 Women in Accounting. Today, let’s talk about something that might feel uncomfortable but is absolutely essential—getting a will. Creating a will isn’t just for the wealthy or elderly; it’s a vital step for everyone, especially in today’s world, where life’s uncertainties have only increased.
Why a Will Matters
Many people believe that because they don’t have extensive wealth or property, they don’t need a will. But here’s the reality: a will is crucial for anyone who wants control over what happens to their assets, big or small, after they’re gone. Without a will, you risk having your money and possessions distributed according to strict legal rules, which may not align with your wishes or best serve your loved ones.
One common misconception is that if you pass away without a will, your family will automatically inherit your assets. However, if you’re not married or in a civil partnership, your partner may inherit nothing unless specified in a will. And if you have children, a will is essential for setting out who should take care of them, ensuring their future is protected according to your wishes.
Financial Impact and Tax Benefits
Beyond ensuring your assets go to the people you care about, having a will can also reduce the financial burden on your loved ones. Proper planning can help minimize inheritance taxes, giving more to your beneficiaries and less to the taxman. If you own property or have significant assets, consulting with a solicitor to draft your will could make a huge difference in how much tax is owed by your estate.
Changing Circumstances
As life changes, so should your will. If you marry, separate, have children, or experience any major life events, updating your will ensures it still reflects your wishes. A will should not be a “set it and forget it” document. Think of it as part of your financial wellness routine, just like updating a budget or reviewing savings goals.
DIY Wills vs. Solicitor-Assisted Wills
While it’s possible to create a will yourself, it’s generally recommended to have a solicitor either draft or review it. This helps avoid common mistakes that could lead to legal disputes later. DIY wills are affordable but can be risky if your situation is even slightly complex. For instance, if you own property, have dependents with specific needs, or share assets with someone who isn’t legally recognized as your partner, a solicitor’s guidance could be invaluable.
Practical Tips for Getting Started
- List Your Assets: Make a list of all your possessions, including savings, property, and sentimental items.
- Choose Executors: Executors are responsible for carrying out the wishes in your will. Consider choosing someone you trust to handle your affairs.
- Identify Beneficiaries: Decide who will inherit your assets. Remember, without a will, the law will decide for you.
- Guardianship for Kids: If you have young children, name a guardian to look after them if you and your partner are no longer around.
- Seek Advice: For complex circumstances, consult a solicitor to ensure all legal requirements are met.
Resources to Help
Creating a will can feel overwhelming, but many resources are available to make the process simpler. Websites like the Law Society or Institute of Professional Willwriters can help you find regulated will-writing services. Additionally, several charities in the UK offer free or low-cost will writing in exchange for a charitable donation. “Will Aid” month in November is a great opportunity to take advantage of these services, and if you’re over 55, “Free Wills Month” runs each March and October.
Final Thoughts
Writing a will is a selfless act that ensures peace of mind for you and security for those you love. At Roots to Froots, we believe in empowering you to take charge of your financial wellness—and preparing a will is a fundamental step in that journey. Don’t leave your legacy to chance. Take control today and make sure that your assets, values, and wishes are honored, even after you’re gone.
For more financial tips and resources, keep following Roots to Froots. Let’s build a future where financial confidence and peace of mind are accessible to everyone.