When There’s A Will, There’s A Way – Particularly With Unclaimed Assets
You’ve probably heard this a hundred times, but every year, thousands of adults pass away without writing a will. It may have never affected you or your family, but when it comes to finding unclaimed assets, the lack of a will makes things complicated.
Passing away without a will is also known as intestate.
The idea of writing a will in your thirties or forties may seem morbid, but it’s essential to begin planning early. The advanced preparation ensures that your unclaimed assets go to the right place, and gives you a peace of mind.
If you haven’t written a will, you’re not alone. 78% of adults between the ages of 30-39 don’t have a will, but it’s vital that you become one of the 22% who do.
We’ve compiled five reasons why it’s imperative to put writing a will at the top of your to-do list:
- You Decide Where Your Money Goes
Without a will, it’s impossible to inform your family about where you want your money to go. Estates from an intestate individual can often end up in the hands of distant relatives, or even the government, opposed to close family and loved ones. Retrieving money back from the state can be a difficult and fruitless task, so why take the risk?
- You Can Sleep Easy Knowing Your Family Are Financially Secure
Acting early and writing a will guarantees that, even if you die, your family will be financially looked after with the money you left to them. This becomes particularly important if your family are economically dependent on you.
- It Becomes Easier For Your Family To Organise
Having a will in place will make it a lot easier for your family to organise your affairs and administration. This small act will save them unnecessary distress, during what will already be an incredibly difficult time. By acting now, it will be worth it for your family in the long run.
- Plan Finances Around Your Will
Thinking ahead allows you to plan your budget around a will. You may wish to cut some costs on your home insurance, or weekly shop, so that you can pay into a savings account for your daughter. Writing a documented will encourages you to become organised with finances, by putting money into the correct accounts. Organisation is never a bad thing.
- Reduce Inheritance Tax For Surviving Family Members
The families of those who have died intestate end up paying significantly more inheritance tax than those that don’t. Reducing inheritance tax is especially important if you’re planning to leave money to a spouse or partner. If you pass away intestate, they might be forced to pay a hefty inheritance bill, and your assets could end up going to other, distant relatives, rather than them.
Whether you’re in your thirties or your seventies, writing a will is of the utmost importance.
Have you written a will yet? Do you have any recommendations or advice? Let us know in the comments below.
Josh Cousens – Monimine.