None of us really want to spend time contemplating what will happen when we die and who can blame us when we surely have many more interesting and exciting things to think about.
In fact, research indicates that a lot of us think the same way when it comes to making a will as around two thirds of people in the UK die without leaving a valid will.
Everyone should make a Will which should be reviewed on a regular basis, especially when their circumstances change.
Making a Will is straightforward and inexpensive and it could mean that, should anything unexpected happen to you, you have already planned for your family and loved ones.
Do I really need a Will? – Why is it important?
Even if you have no money or assets, it is still important to make a Will for the following reasons:
- If a person dies without a Will the Intestacy Rules determine how money, property and possessions are apportioned.
- This could mean that the people you would like to inherit may receive nothing, or very little, whilst others, who you do not wish to benefit may be entitled to more.
- Remember, it does not matter what you may have wished for or promised while you were alive.
- For unmarried couples, or couples who have not registered a civil partnership, the death of a partner could result in serious financial difficulties, as partners cannot inherit from each other unless there is a Will
- There are simple things that can be done under your Will to lessen or negate any Inheritance Tax liability.
- For parents, a Will ensures that arrangements can be made for children should one or both parents die, such as appointing guardians and trustees.
Please Note: This information relates to England, Wales only.