Can Creating a Will Help You Save Money?

Personal Finance vs. Financial Literacy – What is the Difference?

The thought of creating a will can often lead people to avoid the topic entirely, opting instead for tedious tasks to sidestep the discussion. However, making a will is neither as time-consuming nor as burdensome as one might think. It’s a crucial document that can prevent unnecessary expenditure of your money and inheritance, and spare your family significant emotional distress after your passing.

What Happens After You Die?

While we can’t address the metaphysical aspect, we can certainly explain the practicalities for those left behind. If you have a will, your affairs will be handled according to your wishes. Without a will, the process becomes more complicated and expensive for your relatives and loved ones.

Dying Without a Will

If you pass away without a will, there’s no guarantee that your inheritance wishes will be honored. Even if you’ve verbally expressed your intentions, without a legally binding document, the Intestacy law will determine the distribution of your assets.

Can Making a Will Save Money?

Hiring a solicitor to draft your will involves a relatively small expense, providing you with peace of mind. A solicitor can also advise on complications that may arise from circumstances like being born outside the UK or having significant ties to another country. These situations often involve tax and administrative issues that can be costly for your beneficiaries to resolve. A professionally ratified will can save your inheritance from being spent on unnecessary legal fees.

When to Update Your Will

Once a will is made, it’s essential to update it whenever significant life events occur that might affect its validity. Entering a civil partnership or marriage can override previous wills. Similarly, getting divorced or having children necessitates a review of your will, as these events can change inheritance entitlements.

Additionally, every time you acquire new property or valuable assets, you should amend your will to ensure these items are not subject to expensive legal disputes if you pass away unexpectedly.

Conclusion

Now that you’re aware of the importance and benefits of having a will, it’s time to take action. Creating a will today can save your family and loved ones from potential strain and expenses in the future.

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