Why do I need a Will?
The vast majority of us don't think about death and also put off making a Will for a variety of reasons. People often believe that the people they would wish to inherit their assets will do so - automatically. Otherwise they may feel that as they are fit and healthy they making a Will is not relevant right now.
But the reality is you cannot afford to put off making a Will. If you put off making a Will until it is sadly too late, this poses all sorts of problems for the people you love and are closest to. The people left behind. Some or all of your inheritance could either go to the wrong person or to the state...
Affording you Peace of Mind
Firstly and most importantly is the peace of mind making a Will provides.
Making a Will enables you to plan exactly what will happen to your property (estate) following your demise. This ensures that those you would like to benefit actually do so. It ensures that your wishes are adered to - at the same time avoiding any possible disputes between relatives.
Who needs a Will?
In short Everyone needs a Will. If you have:
- Dependant relations
- Children under the age of 18
- Elderly relatives
- Family members with a disability with special needs
- If you own a property or have any form of asset which you would wish relatives, friends or charities to benefit from
Then you need a Will.
Won't Everything automatically go to my Next of Kin?
Whether your next of kin is a husband, wife, civil partner, parent or child this is not a done deal. This is a common misconception,and does not allow for the fact that the size of your estate links with rules which determine who inherits, how much of what - in the case of no Will.
What happens if I don't make a Will?
This would be termed 'dying Intestate'. Specific rules of intestacy set out who will inherit and by how much if you do not leave a valid Will. This may be in line with your wishes, but in worst case scenarios, when relations cannot be traced, your assets can be taken by the Crown.
