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To consider making a will is to contemplate one’s own mortality; an issue that all too many of us seem less than willing to confront.
Death is inevitable, and what happens to your estate and children and the impact that your passing will have on them, are all important questions.
Here are just a couple of the compelling reasons why all parents should make a will, by engaging a reputable legal firm, such as Co-operative Legal Services.
Out of your hands
Should you suffer an untimely death and have failed to make a will, the destiny of your estate minus the costs associated with your funeral and any outstanding debts will be decided by the state and said to be in a condition of intestacy.
In the UK, intestacy rules are very clear. There is an established protocol for how your estate is to be divided, with your spouse first in line to inherit, followed by other more distant relatives as the state works its way down a list of your relations.
Furthermore, while contemporary societal mores may suggest cohabitants should have the same inherent rights as are spouses, the law has yet to catch up: cohabitants are left out of the line of inheritance, even if you would have preferred them to inherit your estate.
If you wish to control the destiny of your estate, making a will and designating an executor are the only means of ensuring that your worldly possessions end up in the right hands.
Looking after your children
No parent wants to consider what would happen to their children after their passing, but, if your children are under the age of 18 and you and your spouse were to die suddenly, their fate would be uncertain.
Once again, the law designates a predefined list of potential guardians for your children, but does not recognise the rights of close friends. If you have a small family – or no family – then failing to designate a guardian for your children means that in the event of your untimely death, a complex legal battle could result – or your children could simply be taken into care.
Mourning the death of a loved one is an emotional time for any family. Your untimely passing will bring a flood of emotions to the surface, and all the while there are funeral arrangements and administrative tasks for your family to take care of.
Funeral costs, legal fees and inheritance taxes can really mount up, adding to the emotional turmoil that your loved ones will be in. If you have any dependents, whether they are children, family members, or close friends, it’s imperative that you make the requisite plans in your will to ensure their long-term well being after your passing.
Maximising the value of your estate through effective tax planning is absolutely essential – and designating your financial beneficiaries will help to make sure that those who need your support are taken care of, long after you’re gone.