Writing a will is a practical first step in estate planning and ensures that you protect your assets to the fullest extent possible. It is the only way of ensuring that you provide for your family when you are no longer around. It is a known fact that 7 out of 10 people fail to protect their assets and family by writing a Will. Estate planning is one of the most important things an individual can do in his or her lifetime.

Estate

Estate Planning is one of the most important things you can do to protect your health, your assets and your family. Writing a will is a practical first step in estate planning and ensures that you protect your assets to the fullest extent possible. An executor ensures that your estate is distributed in a fashion that follows your will as closely as possible. You may also wish to seek legal advice on writing a will in order to understand all the rules of the estate-disposition process in your state. If you don't have a will when you die, your estate will be handled in probate.

Probate

Probate of a will is the administration of an estate to insure that all of the property is disposed of properly. There is always the risk that the probate process will distribute your wealth differently than what you desire. Upon the person's death, anyone named in the Will either as personal representative or as a recipient of property, or any other person with a financial interest in the estate, or the person who has possession of the will may have the will proved before the proper probate court. Generally, wills must be filed for probate in the county where the deceased lived. To be effective, a will must be filed for probate within five years to the date of the testator's death. Seek legal advice to verify this.

Assets

Common misconceptions preventing individuals from drafting a Will include the idea that your assets will automatically go to your spouse; that your estate is too small to warrant a Will; or that the process is too complicated or costly. Division of assets after death is not as straight-forward as many people believe.  In order to do this, it is important that you know what your estate entails; you should have a basic idea of the value of your home, along with any other assets that you might have.

Tax

For couples, there are clear tax planning issues that can be addressed if you plan ahead. A correctly written Will can protect your family from the costly burden of inheritance tax which is charged at 40% for any assets over the tax threshold.  If the person who died was paying tax on income from investments or as a self employed person or as an employee, tell the tax office about the death as soon as possible.

A lawyer can also help construct a Will so that your family saves money in administering the estate, and reduce their taxes. More and more families are falling prey to inheritance tax as a result of property price increases but proper planning can mitigate these effects.

Inheritance

The real benefit of a Will is that it sets out clearly your wish who inherits, how this inheritance is shared out and at what age (if leaving assets to children). Without a Will your estate could be reduced considerably due to Inheritance Tax, your children might not be looked after by whom you would like and your family could be left with considerable paperwork and uncertainty. 

The tragic loss of a spouse or parent is often worsened by ensuing family disputes over the inheritance. Whether you have a young family and need to consider appointing guardians for your children, or are grandparents and need to plan your estate to avoid or minimize an inheritance tax liability, making  a Will is one of the main ways  you can help your family if you should die unexpectedly.