Can Making a Will Save Money?

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The thought or even mention of the word ‘will’ can scare people into doing the most tedious tasks in order to avoid discussing or acting upon the issue, but the reality is that making a will is not as time-consuming or draining as you may imagine.

Additionally, it is also an extremely important document to have in place, as it can save your money and inheritance from being spent unnecessarily and save your family a lot of trauma and emotional upheaval after your passing.

 

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What happens after you die?

While we can’t answer this question for the deceased, we can certainly give a clearer answer for those relatives and loved ones left behind. If a will has been made, then your affairs will be split and dealt with according to your wishes, whereas without one proceedings can become much more complicated and expensive for everyone involved.

Dying without making a will

If you die before making a will, then ultimately you will have no way of guaranteeing that your wishes for inheritance are carried out. Before your death, you may have mentioned about passing on certain items or property, but if this is not legally binding then the Intestacy law, which determines who is entitled to inherit what, will overrule this.

Can making a will save money?

If you employ a solicitor to help draft your will then it will be a relatively small expense in exchange for peace of mind, which will see you covered until the day that you are no longer with us, or you decide that you would like to amend the will.

A solicitor can also help advise on potential complications or implications that may result from circumstances such as being born out of the UK, or having substantial residential ties to another country. These issues can end up costing your beneficiaries and family a considerable sum of money to resolve, as there are often tax and administration issues that need to be dealt with.

By having your will ratified by a professional, this will save your inheritance being spent on legal fees which would not have been required if a will was already in place.

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When to update your will

One of the tasks that many people forget once they have made a will is to update it when an event occurs which may affect its validity. One occasion this would happen would be when entering a civil partnership or marriage, as this overrides the contents of any previous will.

If you are divorced or have had children then it also important to review your will, as both of these circumstances can alter inheritance entitlement.

It is also a smart idea to amend the will each time you buy a new property or valuable asset, as this will ensure that if you are to suddenly pass, then such items are not the subject of expensive legal battles.

So now you have read all of that, what are you waiting for? Get yourself a will today and save your family and loved ones from the potential of added strain and expense.