A Will is a legal document which expresses what you would like to happen to your estate when you die.
10 Reasons to make a Will
1) The making of a Will puts you in control. You can leave clear and precise instructions on who should benefit from your estate. You can also decide on how and when that person would benefit.
2) This avoids intestacy, a law that dictates who would benefit from your estate and how much they would receive in the event that you died without a valid will. In short, your brother Tom, who conned you out of £200000 twenty years ago and who you have never spoken with since, could get the lot! Far-fetched, I know, but unfortunately not impossible.
3) Intestacy is not the most beneficial way to leave your estate when considering inheritance tax. The making of a Will can potentially minimize the amount of inheritance taxes due from your estate and secure your assets for the people who you would like to eventually receive them.
4) A Will allows you to appoint executors and trustees. Without a valid Will, intestacy rules apply and you would have no say over who would be appointed to administer your estate.
5) Families today are complex, and a Will allows you to make provision for children from a previous relation, as well as dictate the age that child can inherit. It is becoming increasingly common for children to benefit at the age of 25 and not 18.
6) A Will not only allows you to appoint executors and trustees, but also guardians for children under the age of 18. A guardian could be someone of the same beliefs and values as yourself and could avoid disputes within the wider family.
7) A Will can secure provision for disabled and vulnerable people for whom you are responsible. A Will could achieve this in such a way as to not affect any means tested benefits they receive.
8) You may also want to leave a specific bequest to certain individuals, and a Will ensures that those requests are met.
9) The making of a Will for all of the above reasons can avoid disputes within the family or even the beneficiaries themselves. It can also go some way in avoiding claims under the Provision for Family and Dependents Act 1975.
10) And finally, writing a Will is simply cheaper and quicker than going through intestacy no matter how big or small your estate is. It gives you peace of mind to know that you have taken care of your family and your affairs in death, just as you would have done in life.
Money, Money Money,
Who gets my money
If I have no Will.