11 Nov 2019

Why you need a will?

authorIcon By Matthew Brennan

The importance of a will

Why do you need a will?

 

As you live your life you accumulate money, possessions and property. When you die your estate is divided up by a very specific set of rules that may not reflect your wishes. However, a will is your last chance to have your say in how your legacy is shared amongst your loved ones. Your will can also save on inheritance tax.

As your life changes your will should be kept up to date. If you have kids, buy property, get divorced, remarry, start a business, buy jewellery or invest your money, then it is quite likely that the UK’s intestacy laws would not divide your assets up as per your wishes and charge your estate a hefty sum to do it.

A good example is if you wrote a will with your partner and you get divorced. After the divorce the will is still valid. So, if you remarried and had children and forgot to update your will, upon dying the original will, will be valid. Your ex wife may be entitled to your possessions and will exclude your relationship and children that came after the will. Your out of date will is binding and it could leave your new family in a lot of trouble, with lawsuits lasting years, being expensive and often unsuccessful.

This article by Tanya Jeffries details an example of how the intestacy rules will play out. In the example they use, a brother queries the intestacy laws because his divorced brother died without kids and they were not sure how the deceased’s estate would be divided as he had no will  https://www.thisismoney.co.uk/money/pensions/article-7352129/Who-inherits-family-member-dies-without-will.html

MyPaperVault is a way to have your will stored in a safe location that your executors can access. You can also update your will from any computer or device. You can avoid all the hassle and save you and your loved ones on time and money.

 MyPaperVault also has a unique video feature that allows you to leave a lasting goodbye for your loved ones. Now you can leave a message of love, hope or something truly you, that allows for your family to find closure.

MyPaperVault is a will storage and will writing company that takes safety of your documents seriously. Every 6 months you receive a detailed report on your documents, we worry about your documents, so you don’t have to.

Our mission is to create a new way of storing old documents. We have embraced the 21st century and you can have a copy of your documents available at the touch of a button on the app.

Find us at https://www.mypapervault.co.uk

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