Why Everyone Should Have a Will: Protecting Your Assets and Your Loved Ones

Written by Eloise Heather, Trainee Solicitor.

Many people are under the common misconception that preparing a Will is reserved for those in their later years.

It certainly would not have occurred to me, a now 25-year-old, until I gained first-hand experience as a Paralegal and Trainee Solicitor and discovered that writing a Will is about much more than protecting financial assets, which you are likely to obtain at a later stage of life.

My experience with Wills and Estates has allowed me to see beyond financial security, which, of course, is important, but is not the only factor to consider when deciding how you want your assets and legacy to be looked after following your passing.

Personal Items

Early in my career, I have come to appreciate the importance of considering personal belongings when preparing a Will.

People of all generations possess items of personal importance, including jewellery, photographs, sentimental gifts, clothing and family heirlooms. Such belongings can hold significant meaning regardless of their material value.

Having a Will allows individuals to clearly state who they wish to inherit these possessions, rather than leaving family members to decide, which can sometimes lead to disputes or unfulfilled wishes. I often see the importance of protecting such possessions overlooked and have regularly recommended preparing a Will to provide clarity and peace of mind to those around me.

Guardianship

Another important reason why younger people (particularly those with young families) should consider writing a Will, is the ability to appoint guardians to care for their children in the event of their passing.

Including guardianship provisions in a Will can help ensure that those you trust most are considered to take responsibility for your children, providing reassurance that the future care and wellbeing of your children have been carefully planned for.

Estate Distribution

Through my everyday interactions, I find that many people of all ages do not have a Will, often assuming that their domestic circumstances will naturally protect them.

People may believe that marriage or a civil partnership means their entire estate will automatically pass to their spouse or partner, which is certainly not the case in every circumstance.

Dying without a Will means an estate is distributed according to the rules of intestacy rather than the deceased’s wishes. This can affect who inherits assets and may create unnecessary complications for families during an already emotional time.

Taking a small amount of time to prepare a Will can help ensure your wishes are followed. I personally know many people who, upon learning more about the importance of Wills, have proceeded to prepare one to ensure their estate passes as they intend.

Inheritance Tax

Creating a Will and obtaining advice from a Solicitor can play a vital role in Inheritance Tax (IHT) planning, helping ensure that an estate is structured efficiently and that available allowances and exemptions are considered to preserve as much wealth as possible for beneficiaries.

Since working in a Private Client department, I have witnessed first-hand how families can face substantial IHT bills following a loved one’s death, often where estate planning has not been considered in advance. This can cause further confusion and distress at an already vulnerable time.

With appropriate planning, a carefully drafted Will can help reduce unnecessary tax liabilities. Meeting with a Solicitor to prepare a Will and discuss estate planning options could make a significant difference to what your beneficiaries ultimately inherit.

Throughout my career so far, I have seen countless clients leave appointments with peace of mind, knowing their affairs are in order, their wishes are respected and their loved ones are better prepared for the future.