Why is it important to make a will?
Why it is important to make a will?
It is important for you to make a will whether or not you consider you have many possessions or much money. It is important to make a will because:-
If you die without a will, there are certain rules which dictate how the money, property or possessions should be allocated. This may not be the way that you would have wished your money and possessions to be distributed
Unmarried partners and partners who have not registered a civil partnership cannot inherit from each other unless there is a will, so the death of one partner may create serious financial problems for the remaining partner
If you have children, you will need to make a will so that arrangements for the children can be made if either one or both parents die
It may be possible to reduce the amount of tax payable on the inheritance if advice is taken in advance and a will is made
If your circumstances have changed, it is important that you make a will to ensure that your money and possessions are distributed according to your wishes. For example, if you have separated and your ex-partner now lives with someone else, you may want to change your will. If you are married or enter into a registered civil partnership, this will make any previous will you have made invalid.
What should be included in a will?
To save time and reduce costs when going to a solicitor, you should give some thought to the major points which you want included in your will. You should consider such things as:-
How much money and what property and possessions you have, for example, property, savings, occupational and personal pensions, insurance policies, bank and building society accounts, shares
Who you want to benefit from your will. You should make a list of all the people to whom you wish to leave money or possessions. These people are known as beneficiaries. You also needs to consider whether you wish to leave any money to charity
Who should look after any children under 18
Who is going to sort out the estate and carry out your wishes as set out in the will. These people are known as the executors.
This article was published by The Citizens Advice Website.