Why should you have a Will?
Every adult should have a Will. Without a Will the law decides who inherits your assets and estate. With a Will you decide. With no Will it will usually take longer and cost more to wind up your estate.
Approximately 70% of the adult population do not have a will and of the other 40% that do have a will, 1-in-4 do not reflect the wishes of the clients or are simply no longer valid.
Why is it important to make a will?
It is important for you to make a will regardless of whether you consider you do not have many possessions or much money. It is important to make a will because:
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If you die without a will, there are certain rules which dictate how your money, property or possessions should be allocated. This may not be the way that you would have wished your assets to be distributed.
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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.
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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.
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It may be possible to reduce the amount of tax payable on the inheritance if advice is taken in advance.
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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. Or, If you are married or enter into a registered civil partnership, this may make any previous will you have made invalid.