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Making a Will avoids the law making your Will for you.
A person dying without making a Will has no control over who will receive his or her estate. Although the law ensures that "next of kin" share in the estate, the shares are often inappropriate and not what was intended.
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A Will enables you to appoint your own executors and trustees.
In the absence of a Will appointing your chosen personal representatives and trustees, it will again be the law that appoints them. The advantage of choosing for yourself means that such a person is more likely to be suitable and willing to act. Also an Executor appointed by a Will can act more promptly than can an Administrator of an estate where there is no Will.
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Appointment of Guardians.
It is especially important for parents with young children to make a Will so that they can clearly choose the Guardians of their infant children. Consideration can also be given in the Will to the provision of finance for the guardians, to be used for the education and welfare of the children.
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A Will enables extension of statutory powers.
As the law stands there is very little flexibility in the powers that Administrators have where there is no Will. The powers that do exist are subject to awkward and inappropriate limitations. The powers can only be widened in the provisions of a Will. By doing this the person can ensure that their estate is suitably dealt with and their family suitably provided for.
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Burial
If a person has special wishes regarding burial or cremation these can only really be respected by making provision in a Will. In certain circumstances such as request for the body to be used in medical research, it is easier if the family do not have to make emotive decisions like this at an already distressing time.
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Living Wills (Advance Directives).
Today many people are concerned that in old age they may be kept alive by medical intervention at a time when they have lost mental capacity. As a result it is becoming more common for people to leave a written statement to direct the medical authorities not to proceed with treatment in the event of loss of mental capacity. Although this should not appear in the Will it can be drawn up at the same time as the Will.
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Tax Considerations.
There are often considerable tax advantages to be gained from a carefully drafted Will*. A Will can ensure that tax efficiency will always be balanced against personal preferences. |
