Why make a will?

Did you know that if you die without having made a Will then everything you own could end up going to the Government rather than the people you intended to benefit?

For example, if you die leaving family members who are financially dependent upon you (such as a spouse or children), it is the law that stipulates who will inherit your estate.  Your dependants may not receive anything at all in certain circumstances.  Unless you make a will the intestacy rules decide who inherits and in what proportions.  The intestacy rules also determine who will be responsible for administering your estate and you will also have missed the opportunity to plan for inheritance tax.

It is important for homeowners to have a Will because of the effects of inheritance tax.  By making a Will you can make use of tax planning opportunities.

If you die without a Will - and you have no relatives beyond a group specified by the law - then absolutely everything you own goes to the Government.

Thankfully, that scenario is rare because the specified relatives are usually found, although the distribution of your wealth may not be in accordance with your wishes. 

Did you know?

• marriage automatically cancels your existing Will in most cases
• divorce cancels the parts of your Will that relate to your ex-spouse
• separation has no effect upon the validity of an existing Will
• dying without a Will means if you cohabit with your partner they may inherit nothing

Benefits of making a Will

There are several major benefits to making a Will:

• you can choose someone you trust to administer your estate
• you can appoint guardians for young children
• you can leave gifts to friends, family or charities
• you can attach conditions to a gift in your last will and testament or create a trust
• you decide the age a child may inherit
• you can plan for inheritance tax
• you can plan for future long term care needs
• it can help avoid family arguments
• you can make your funeral wishes clear

What happens if I die without a valid Will (intestate)?

• the laws of intestacy determine who will benefit from your estate
• your estate may go to people you did not intend to benefit
• there is no automatic provision for unmarried partners
• you cannot choose who will administer your estate
• it can be more expensive and time consuming to administer your estate
• your estate could end up paying inheritance tax
• you will have missed the opportunity to appoint legal guardians for young children
• children will automatically inherit at 18 rather than at an age of your choosing and, if under 18, statutory trusts can arise which may not necessarily reflect your wishes

What about jointly owned assets?

Those assets (such as a house or bank accounts which are jointly owned) usually pass automatically to the survivor and are not covered by the intestacy rules. Taking professional advice on your estate planning requirements from a solicitor will be useful in helping you decide whether to keep assets in joint names or not, as part of your overall estate planning requirements. It is not always beneficial from a tax planning point of view to own assets, such as the family home, in joint names.