Do I need a Will? Our 10 top reasons why
Did you know that half the population hasn’t made a Will?
“Do I need a Will?” is a question a lot of people ask. Three-quarters of the population have a Will in place by the time they are 65, but that still leaves a sizeable number uncovered. Around 60,000 estates each year are ‘intestate’ (i.e. there is no valid Will in place) – almost 25% of the annual total.
Making a Will ensures that your wishes are carried out when it comes to who inherits what.
- A Will allows you to have clear instructions about how your estate is to be distributed. Without one it is subject to the intestacy rules and may not go to the people you would have chosen.
- A Will also lets you chose your own Executors. If you die without one, your closest relatives will need to apply for ‘Letters of Administration’.
- A Will lets you appoint guardians to look after your children if they are under 18, until they come of age. You can also make financial arrangements for their benefit.
- A Will allows you to make specific bequests to individuals. These can range from items of jewellery to sums of cash.
- If you have remarried, a will an ensure any children from your first marriage get a share of your estate.
Although many people do, a Will is not something which should be put off. The consequences of not making a Will can cause upset and conflict between families.
- Unmarried partners may not receive anything from your estate, unless you have made a Will in their favour.
- If your estate is divided according to the intestacy rules, your spouse or civil partner may not receive as much as you would have intended them to.
- If you die without leaving a Will and have no spouse or children, your parents of siblings may inherit your estate, even if you’d prefer it to go elsewhere.
- The absence of a Will can sometimes lead to family disputes.
- Without a Will, your family could face a larger Inheritance Tax bill than necessary as a Will can help with the tax-planning process
If you’re asking yourself “Do I need a Will?” it will probably means that you do. Wheelers Solicitors can fully support you in all stages of creating a Will and will take the time to fully explain the process to you. If you would like to arrange an appointment to discuss making a Will, please phone the office on (01983) 533938 or contact us here.