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The seven most important reasons why you need a Will

The seven most important reasons why you need a Will

Your Will is your opportunity to tell people formally how you want things to be handled when you pass on.

This is an important document and there are some very good reasons why you should make one.

These aren’t necessarily in order of importance, as everyone’s situation is different but we think these are the most compelling reasons why you need to sit down and organise your affairs as soon as you can.

The seven most important reasons why you need a Will

#1 It avoids a long probate process.

When someone passes on without making a Will there is often almost a vacuum where no-one knows what to do.

Someone will need to step forward and apply for letters of administration. These allow someone to deal with the affairs of the deceased but of course, as there is no Will then they will decide how the estate should be distributed.

It often takes a lot longer to get letters of administration compared to simply organising probate with our online Will service.

#2 It tells people what you want to happen.

A Will is your expression of how you want your assets distributed and gives clear instructions to people.

It also can be used as a way to tell people what you don’t want to happen. For instance, if there is someone in your family that you do not want to benefit from your estate.

#3 It can reduce the amount of Inheritance Tax your family will pay.

Sensible estate planning can be used as a way to mitigate the effects of inheritance tax.

Using your Will to give to charity, for example, can reduce the amount of tax the rest of the estate pays so it is worth checking this out. The smart Will App makes leaving gifts to charity quick and easy.

#4 You get to choose your executor

One of the things you have to do in the process of making a Will is to decide who will carry out the administration of your affairs after your death.

This person, the ‘executor’ is the fulcrum of the whole process so making a Will gets you to think about who would be most suitable for the position.

You’ll need to choose someone (or perhaps two people) who is sensible and level headed and who is happy to take on the responsibility.

Many people use professional executors and Smart Will can help you here.

#5 It pushes you to get your affairs in order.

This might not seem like a reason for making a Will but actually, the process of making a Will does force you to think about things that you wouldn’t otherwise consider.

For example, it makes you think about how the executor will find your Will, how they will access your life insurance policies, listing your bank accounts and investments and making sure that all of the things that your executor needs will be easy to find and understand.

#6 You can choose to gift to charity

We’ve already said that giving to charity can reduce your inheritance tax but even if this isn’t your primary goal you may just want to make sure that a charity that you are particularly fond of will get some form of benefit.

Making a Will on The Smart Will App allows you the opportunity to recognise the good works done or to leave money that allows them to carry out a specific project.

#7 It makes life easier for those you leave behind

This is perhaps, in our opinion the most important reason to make a Will on the Smart Will App.

Bereavement is the most stressful time in most people’s lives and an uncertain situation when there is no Will simply compounds the problems.

Making a Will is the best way to make sure that some of these stresses are minimised.

It allows you to give your family the information they need to make the right decisions, it makes your wishes clear so they don’t need to guess and it shows them that you were thinking of them and their welfare.

Download the Smart Will App here and protect your family against uncertainty.

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