There is a long list of reasons to make a will and keep it up to date. Here are just a few of them.
- You choose who benefits and how
If you have no will, the intestacy rules will dictate how your estate is passed on. Most of these rules were made in 1925 and are unlikely to match your wishes precisely – indeed, they may be very far from what you would have wanted.
- Your partner can inherit even if you are not married
If you have no will and are neither married nor in a civil partnership, then when you die your partner is not entitled to inherit anything. This can be disastrous for the surviving partner, especially if you jointly owned a home.
- You can appoint a guardian for children under 18
If there is no formal guardian appointment, children may have to be cared for by social services until the Court decides who should look after them.
- You can reduce or eliminate inheritance tax (IHT)
It is often possible to bequeath your estate in such a way that your beneficiaries pay little or no IHT.
- You can be much more flexible
With a will you can leave gifts to friends and family not covered by the intestacy rules, and also leave legacies to charities.
- Everything happens more quickly, easily and cheaply
Your beneficiaries will receive their legacy much more quickly if you have a will. Otherwise, your next of kin will automatically become the administrator of your estate, and they may not be the best person for the task.
Book an appointment to make your will today – find a solicitor near you. You will probably also want to see a financial adviser to ask about issues such as inheritance tax and trusts.