Why should you make a Will?
The last thing anybody wants to be thinking about is death, which stands to reason why there are so many people in the UK without a will. In fact, it is estimated that only 30% of the population actually have one.
If you are one of the 70% of people who do not have a will, here are some reasons why you should have one.
- If you pass away without leaving a will, your estate may go to people who you would not have chosen. A will allows you to leave clear instructions regarding how you want your estate to be distributed.
- If you die without choosing an executor, it is left to your closest relatives to apply for ‘letters of administration.’ Your will allows you to choose your executors, who are the people responsible for your probate process.
- If your children are under 18, you are able to identify in a will who you would like to appoint as guardians until they come of age and also make financial arrangements for their benefit.
- Unmarried partners may not receive anything from your estate, unless you have made a will laying out what you want to leave them.
- If you haven’t made a will, your partner may not receive as much as you may have wanted them to. Instead of your will setting out how your estate should be distributed, it is determined by intestacy rules.
- If you die without leaving a will and you have no spouse or children, your parents or siblings inherit your estate, even if you wanted it to go to somewhere else.
- Without a will, your family may also be faced by a larger inheritance tax bill than necessary, as a will can help with the tax planning process.
You can check to see how your estate would be distributed today if you were to die without a will, by clicking here, to visit the government intestacy tool. Most people don’t think about writing a will until they are over 50, but it doesn’t matter how old you are, the problems you could potentially leave behind for your loved ones don’t change.
For more information about wills, or to enquire about writing a will, please contact our office using the details below.
Ad Valorem Accountancy Services