Why Do You Need A Will?
Thinking about what would happen to your estate when you are no more may not be a pleasant task, but it can save your family from infighting and lengthy legal disputes. The main way to avoid these problems is to detail the division of assets and possessions in a Will.
What is a will?
It is a document that someone makes to stipulate who he wants to leave his assets for after his demise.
Why do we need a will?
It's important to ensure that your assets and possessions after you die (known as your estate) will go to the people and organisation of your choice (known as your beneficiaries), such as family members and the charity you support.
Your estate covers both your personal possessions and assets such as property (in the UK or overseas), savings and investments, insurance funds and pension funds.
In the event of a death without a will, certain rules dictate how property, money, and possessions should be distributed (Rules of Intestacy). If you thought about how your money and possessions would be distributed, this may not have been how you would have wanted it.
Unless they have a will, unmarried partners or civil partners cannot inherit from each other, which may result in serious financial hardship for the remaining partner in the event of a partner's death.
It is essential to make a will if you have children in case either one or both parents die.
A will may reduce the amount of inheritance tax payable if advice is obtained in advance.
It is crucial to make a will if your circumstances have changed to ensure that your money and possessions are distributed in accordance with your wishes. Let’s assume that in the case of separation your ex-partner starts living with someone else, you might want to change the will. A previous will you have made will become invalid if you get married or enter a registered civil partnership.
A lawyer should be consulted if you have any questions about making a will.
Use our services from Philip Jones Legal to help you decide how to go about creating your will.
To learn more about what happens to a person if they die without making a will, please visit https://www.gov.uk/inherits-someone-dies-without-will