When it comes to writing a will, one of the most significant decisions you’ll make is who to leave your estate to. Traditionally, people choose to include family members, but over the years, many are considering close friends as beneficiaries too. So, the question is: Should you include just family, or should your friends have a place in your will as well? Let’s explore the pros and cons of including both family and friends in your will, and help you make a decision that’s right for you.
Pros of Including Family in Your Will
Including family members in your will is the traditional route for many people. There are a few reasons why family might be your first choice when it comes to deciding who will benefit from your estate.
- Tradition and Expectation: It’s often expected that family will inherit your assets, especially in the case of immediate family members. This makes things a bit easier, as it follows a well-established norm.
- Legal Framework: In the UK, if you pass away without a will (intestate), your estate is distributed according to set laws, prioritising family members. This can make the process easier for your loved ones if your will aligns with these laws.
- Emotional Connection: Your family members are likely to have a deeper emotional connection to you and your belongings. They may also have a better understanding of your wishes and intentions, which can make administering your estate smoother.
Cons of Including Only Family in Your Will
While it’s tempting to stick to the familiar choice of family, there are some downsides to consider if you only include them in your will.
- Family Conflicts: Inheritance can sometimes cause rifts in families, especially if there are large sums of money or valuable items involved. Disagreements about how assets should be divided may arise, and the emotional strain can make the grieving process more difficult. For assistance with your will, contact Skylark Hill Solicitors LLP.
- Strained Relationships: Not everyone has a close relationship with their family. If you’re not particularly close to your siblings, parents, or other relatives, it can feel uncomfortable naming them as beneficiaries.
- Missed Opportunities for Close Friends: Leaving out friends who’ve played an important role in your life could feel like a missed chance to show appreciation. Sometimes, friends become more like family than actual relatives, and you may feel it’s important to acknowledge their support.
Pros of Including Friends in Your Will
In recent years, many people have chosen to include close friends in their will, and there are some distinct advantages to this approach.
- Close Friendships Matter: Friends who have been there for you through thick and thin may deserve to benefit from your estate. These people may know you better than family members in some cases, and have supported you emotionally, financially, or in other ways.
- Ensuring Support for Your Friends: If a friend has been a significant part of your life, it’s only natural to want to ensure their future wellbeing. Some friends may need financial help or emotional support after your passing, and leaving them something meaningful could be your way of providing that.
- Non-Family Relationships: Not everyone feels an emotional or familial bond with their blood relatives. If your chosen “family” consists more of friends than relatives, it’s only right that they be considered as part of your will.
Cons of Including Friends in Your Will
Including friends in your will may be the right decision for some, but there are also some potential drawbacks to consider.
- Potential for Disputes: If you’re leaving assets to both family and friends, there’s a chance that your family could feel slighted. Disputes may arise, especially if the friends you’ve chosen to include are not well-known or liked by your relatives.
- Legal Complications: Sometimes, family members may be more equipped to handle your estate, especially if it involves legal complexities. Friends, no matter how close, might not have the necessary legal or financial knowledge to carry out the responsibilities of an executor or manage a large inheritance.
- Changing Friendships: Friendships, while meaningful, can sometimes change over time. A person who is a close friend now might not be as important in the future. This makes it difficult to know whether a friend should be included, as relationships can shift unpredictably.
Why You Do Not Want to Die Without a Will
If you have children, you might assume that it’s not a big deal to die without a will. After all, everything you own goes to them, right? Know that it’s not advised to avoid creating a will, as there are situations that can occur that make things difficult. Imagine if you fall out with your family and no longer want them to get your money. Perhaps you want to leave special gifts to your loved ones. Dying without a will can mean that none of your wishes are followed. Let’s take a closer look at the consequences of dying without a will.
Arguments in the Family
There are a lot of family disagreements and falling-out situations due to the estate of a deceased family member. When you die without a will, you can create tension in a group about who gets what assets. The best thing to do to avoid this situation is to create a will. This shows your intentions, and it means that everybody must follow your wishes.
Longer Settlement
Most families don’t want to be dragged through legal processes when a family member dies. This can cause additional grief and stress. Know that when you don’t have a will, this can happen. The courts have to go through longer processes, and there’s already a backlog of cases. Wills are much faster to deal with and make sure the estate is handled promptly.
More Expenses
Know that there are going to be more legal costs involved when you die without a will. After all, they have to work out the assets you have, as well as family members and who is going to be entitled to your estate. So, this means that legal costs will come from your estate, and this can dramatically reduce how much your family gets.
Conclusion
Deciding whether to include friends, family, or both in your will is a personal decision that reflects the nature of your relationships and your values. While family is often the traditional choice, friends can play an equally important role in your life. Ultimately, the key is to make a decision that feels right for you and your loved ones. Take your time to assess your relationships, communicate your intentions clearly, and seek legal advice to ensure your will is well-crafted and reflects your wishes.
