The Benefits of Drawing Up a Will

There are many benefits to drawing up a will, in addition to being able to bequeath your assets and money to your dependants.

Here’s a quick list of the other benefits that come from drawing up a will:

A will gives you the power to choose your beneficiaries. Should you die without a will the legal system will decide who your beneficiaries will be.
It allows you to make gifts to certain people which would otherwise not have been possible.
It gives you the opportunity to create a testamentary trust for your minor beneficiaries. Without a will the inheritances of minor beneficiaries will have to be sold in order to get hard cash, which will be paid into a state regulated fund called the Guardians Fund (which only keeps cash). The monies will not be easily accessible to help with their maintenance until they reach the age of 18. Little or no interest will be earned if the monies are paid to the Guardians Fund.
A will allows you to appoint a guardian for your minor children.
You can only nominate an executor and trustee of your choice through a will.
A will allows for the allocation of death taxes in the best possible way.
A will can protect inheritances from a future spouse of a survivor.
If you have a partner but you are not married, your partner can only inherit assets from you through a will.