12 Days of Christmas my true love gave me...'a will'

Matthew Ridyard

12 December 2022

Let’s face it, will writing isn't sexy or fun, so for the twelve days of Christmas this year we will be sharing 12 reasons my true love gave me ... 'a will’.

On the first day of Christmas my true love gave to me a will…because it enabled me to name my Children's guardian.

Specifying who should look after my children or my dependants in the event of a death gave me piece of mind in time for Christmas ready for the New Year.  Without your legally documented wishes, the decision could be left to the Family Courts and that could be someone you would not want.

On the second day of Christmas my true love gave to me, a will… so I was able to leave something to Charity.

People leaving money in their will to charity is increasing, this can have two benefits: supporting a good cause close to your heart which has impacted your life in some way and, something many aren’t aware of, potentially reducing the amount of Inheritance Tax paid by your family if you leave more than 10% of your assets to a good cause.  Who would be your chosen charity? We work closely with Sands, the stillbirth & neonatal death charity and Prostate Cancer UK

On the third day of Christmas my true love gave to me, a will… so someone else is in charge!

Carrying out final wishes needs to be put in the hands of people you trust.  You can stipulate how you would like things to be settled and choose an executor, allowing you to choose those you trust the most.

On the fourth day of Christmas my true love gave to me, ‘a will’ to minimise inheritance tax.

The amount of inheritance tax charged against your estate will really depend on how much you have and who you leave it too. Anything left to your partner or spouse will be exempt from Inheritance tax however if left to your children it gets a little more complicated.

You can use the Residential Nil Rate Band Allowance which generates a lower inheritance tax bill than leaving it to others however you need to use effective tax planning.  For some more advise on Inheritance Tax and tax planning, take a look at our handy guide.

On the fifth day of Christmas my true love gave to me, ‘a will’ because, we recently ‘tied the knot!’

Once you legally get married any existing will you automatically have becomes invalid in England and Wales according to the Rules of Intestacy this means that your estate could end up split between your new partner and children from a previous marriage. Getting divorced is not the easy way of overriding your will, in fact your partner is still entitles to inherit from your estate unless otherwise changed.  Having the facility to update and change your will regularly is more important than first thought. Thankfully with Simpwill’s Estate Update, this is a worry you don’t have to spend hundreds on.

On the sixth day of Christmas my true love gave to me, ‘a will’ to protect my digital assets.

Many people forget about assets being things outside of their house. They don’t just include physical goods but also digital accounts and any online purchases such as music, websites, even NFTs in todays age!  Without including them in your will they could disappear into a void or remain unaccessible. Even if you are wanting emails/social accounts to be destroyed, this can all be outlined in your will.

On the seventh day of Christmas my true love gave to me, ‘a will’ to take care of my furry friends.

Here at Simpwill we love our furry friends, with a plethora between us we like to generate piece of mind for others when thinking about what would happen to their furry friends if anything was to happen to them. In your will you can outline what you want to happen with your pets, who should care for them and any allowances you want to make available for their care and upkeep.  I am sure you won’t be surprised to hear that entire fortunes have been left to pets before.  If you take a look at our blog here you will read about a man leaving his prostate to a Giraffe! However, thats totally your choice.

On the eighth day of Christmas my true love gave to me, ‘a will’ to safeguard my home.

Is the family home in your name? Your partner and step children are not automatically in line to inherit it should you die without a will.  This would result in them loosing their home.  You can leave them a share of the property in your will, or a right to reside in the property but you need to write it down at least so the future is assured for your loved ones.

On the ninth day of Christmas my true love gave to me, ‘a will’ to protect my partner.

If you aren’t married, your partner is not entitled to inherit anything from your estate, regardless how long you have been together. Under the Rules of Intestacy your estate could pass to your children, your parents or siblings who can do what they like with the property.  Writing a will ensures your wishes are outlines and you choose who receives their share of your estate.

On the tenth day of Christmas my true love gave to me, ‘a will’ to provide for my family.

The law states that only spouses, civil partners or blood relatives can inherit any of your estate if there is no will.   You may have stepchildren In your life and want to provide for them but without the will being written to include them or any dependant, they wouldn’t be entitled to anything under the law.

On the eleventh day of Christmas my true love gave to me, ‘a will’ because I am a new parent.

Congratulations on becoming a new parent. New parents should ensure that their children are provided for, financially in the event of their death. This is done through a will and would stipulate things such as living situations, what they are entitled to and at what age they have access to this.  Even things like clothing allowances or educational allowances can be put in here. It’s your will, you can stipulate what you want. We would advise setting up a trust to provide for your children. This will give you an element of control over when your children receive the money and what it gets used for.   A trust can be created while you are still alive and information and instructions about how its handled when you pass away is drafted into your will

On the twelfth day of Christmas my true love gave to me, ‘a will’ to mitigate family arguments.

We all have arguments, no family is without them and all too often do we hear about money and assets ruining family dynamics when it comes to wills.  This generally happens when a deceased hasn’t made clear their wishes in their will and therefore arguments arise. Contested wills can be damaging to relationships and families and expensive to resolve.