You have probably been told on numerous occasions that you should have a Will.
Indeed, doing so may have been on your mental to-do list for months or years.
However, you haven’t yet gotten around to it. This may just be due to the hustle and bustle of day-to-day expat life. It may be that you aren’t really sure how to get started.
What is a will?
A will is a legally binding document that outlines your wishes regarding the distribution of your estate and other important matters after your passing.
This encompasses details about how you’d like your belongings to be allocated, your preferences for funeral arrangements, and even designations for guardianship of your children, if applicable.
Referred to as your “last will and testament,” its validity hinges on proper preparation and execution.
While you have the option to draft your own will, particularly for simpler estates, seeking assistance from a solicitor or a professional will-writer can be invaluable, especially for more complex situations.
Surprisingly, estimates suggest that up to 60% of individuals do not have a will in place.
If you were to pass away without a valid will, your estate would be distributed in accordance with rigid legal protocols, potentially leading to those dear to you not receiving what you intended for them.
Thus, having a well-prepared and legally sound will is crucial for ensuring that your wishes are carried out effectively and that your loved ones are provided for in the manner you desire.
Making a Will is one of the most important things we can do.
Here are 10 reasons why:
1. To make sure that your loved ones are looked after.
2. Ensure that your money goes where you want it to go.
3. If you have children and don’t nominate a guardian in your Will, the decision will be made by a court. This could mean that someone that you would not have chosen could raise your children.
4. To make sure that you don’t end up paying more tax than you need to. A Will can be a valuable tool when mitigating inheritance tax.
5. A Will reduces the chance of a dispute over your wishes.
6. Protect your partner. If you are not married or in a civil partnership, your partner won’t have an automatic right to inherit.
7. Safeguard your family home. If you have specific wishes about who inherits your home, outlining this in a Will can save the risk of dispute.
8. If you want to leave everything to your spouse. If you have children and you die without having made a Will, then your husband or wife will not automatically inherit your whole estate.
Instead, they automatically inherit the first £270,000 of value in the estate and half of the remainder. Your children receive the other half of the remainder.
9. Leave money to charity. Once you have provided for your loved ones, you may want to leave a gift to a cause that means something to you.
10.Peace of mind.
* All of the above is based on England and Wales law. You should also check the rules with regard to Wills and inheritance in your current country of residence.
Further Reading
Global Assets, Local Laws: Navigating Wills Across Borders
How can marriage or divorce affect your Will?
Why Leaving Without A Will Is Like Playing Russian Roulette With Your Legacy
