Why do I need to make a Will?

Why make a Will?

Most people put off making a Will for a number of reasons; normally they either believe that the people they want to inherit their assets will automatically, or because they don’t think it’s relevant to them at that moment in time.

In reality, you can put off making a Will until it is too late, which can cause all sorts of problems and extra expense for the loved ones left behind. It could also mean that some or all of your assets and inheritance either goes to the wrong person or to the state.

Peace of Mind

Firstly and most importantly having a Will gives you peace of mind.

Making a Will enables you to plan and instruct exactly what will happen to your assets and estate after your death.

This ensures that those you want to benefit actually do so, in accordance with your wishes, and avoids any possible disputes over your estate.

Who needs to make a Will?

The simple answer is every adult but, in particular, anyone with dependent relatives, (children under the age of 18, elderly relatives or relatives with a disability or who have special needs), anyone who owns property or has any type of asset which you would want specific relatives, friends or charities to benefit from.

But won’t everything go to my husband / wife / spouse / civil partner/ parents / children etc automatically?

This is a common misconception and, dependant on the size of your estate, there are set Intestacy Rules which will be applied to determine who inherits and how much if you do not make a Will.

So what happens if I don’t make a Will?

This is called dying Intestate. There are specific rules of intestacy which set out who will inherit and by how much if you do do not leave a valid will, this may not be what you would have wished and in the worst case scenarios where relatives cannot be traced, your assets will be taken by the Crown / State / Government.

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Utilise Trusts to preserve your wealth and assets for future generations and to minimise inheritance tax bills.

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