Reasons you need a Will
“Your Will is probably the most important document you will ever have written for you.” We admit that this is a bold statement; why is this? In a nutshell, if you don’t make a Will, then the Government has written one for you; it’s called the law of intestacy… but its effects might not be what you would expect or want. If you die without making a Will then at least one of the following will apply.
Five compelling reasons you need a Will
It is a common misapprehension that husbands and wives are entitled to everything from each other. They are not. For a typical married couple with children, when one spouse dies, the survivor may not inherit everything, possibly not even the family home.
If you are cohabiting partners and don’t have Wills, only members of your own family will inherit your solely owned assets – NOT your partner. Intestacy provides a strict order within your family as to who gets what; there is little flexibility in the law. Take a look at our unmarried couple’s page for further information.
Appointing a legal guardian is one of the most important parts of a Will for those with children under the age of eighteen. If you don’t have a Will then Social Services could become involved and appoint a legal guardian for you in your absence. That person might not be your first choice.
More and more ordinary people are at risk from paying inheritance tax on their death: money which won’t go to their loved ones. This can be minimised or even eliminated through certain types of Wills, written by a specialist Will writer. We have a page on this site about inheritance tax – please take a look for further information.
If there is someone you don’t wish to benefit from your estate when you die then without a Will and access to specialist advice you may not be able to prevent them from gaining an inheritance.