Why should I make a will?
A will allows you to dictate what happens to your assets, how they are divided, and who will look after your children; it gives you peace of mind that your affairs are in order when you die. If you do not make a will, the law will decide who inherits your estate. Thus, if you want to make specific provisions for family, friends and/or charities, make a will!
The law still does not recognise unmarried or co-habiting partners who live together as having the same rights as a husband and wife or civil partners. Consequently, despite the length of your relationship, your partner will not receive anything from your estate if you do not have a will, and vice-versa.
A will is also vital if you have children or dependants such as an elderly parent who you may support financially. Without a will, uncertainty may arise regarding who will look after your children/dependants and whether they will have financial provision after your death.
Specific gifts and cash legacies- Your will allows you to leave certain items to friends and family, or to leave a sum of money to a person or organisation, such as a charity.
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Who ensures my will is settled as I wish?
Executors - These are the people you choose to deal with the administration of your estate after your death (those responsible for fulfilling your requests in your will). Executors can also be beneficiaries under your will and many people choose their spouse, civil partner, children, family members or friends. In some cases, you may need independent professional executors which has extensive experience as professional executors.
Ask your executors if they are happy to do this, as there can be long-term responsibilities, particularly if you include a trust in your will. It also makes sense to appoint someone significantly younger than you!
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Who needs to get a Will?
- It is advisable to get a will in place if you have:
- - Been divorced or remarried
- - Children with more than one partner
- - A large amount of assets or debt
- - More than one property or a business
- - Any possible claims or challenges to your estateWithout a Will in place your estate could pass into unwanted hands - leaving the ones you care about empty handed.
In formal terms, if you die without writing a will you've died intestate, and what you leave becomes subject to intestacy laws. If there are no surviving relatives who can inherit under the rules of intestacy, the estate passes to the Crown. This is known as bona vacantia. The Treasury Solicitor is then responsible for dealing with the estate.
The intestacy laws are designed to help decide who's entitled to your estate under the rules of inheritance. A significant disadvantage is that your estate may not pass to the people you want to benefit. For example, if you were married or had a civil partner, there's no guarantee your children or grandchildren would receive anything unless you leave an estate worth over £270,000.
You can find out more about the rules of intestacy at GOV.UK.
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