Everyone over the 18 has the right to make a last will and testament to set out their final wishes. However, there are sill many people who believe it's something for old people and should be left to the future. In fact, statistics show that two-thirds of people do not yet have a will and half of the population never will.
However, the sooner it's done, the sooner you can have peace of mind knowing that your estate - regardless of its worth - will be given to your loved ones in the event of your death.
If you fall into the category of having never made a valid will, you will have died intestate - which means the law will decide who gets what from your estate, not you. In other words, what you may have wanted or promised to loved ones or even special causes while you were alive doesn't matter. The outcome will instead be determined by Intestacy Rules, which means they may get very little or nothing at all.
1. Without a will, if you have a partner but are not married or in a civil partnership, they could end up with nothing if you died.
2. Not having a will could result in arguments, expense and delays for your loved ones.
3. If you do not have family, everything you owned would go to the government. So if you have friends or a special cause you'd prefer the estate to go to, a will can make that happen.
4. If your circumstances of changed, such as having a child, then you would be making sure they are looked after if you were to die.
5. If you have recently bought a house or made any other kind of significant investment, your loved ones could miss out on their share without your legally enforceable will.
6. If you are divorced, your ex-spouse could still receive a share of your estate - even if they are living with a new partner. While you may want this to happen, many people do not, and the only way to ensure it doesn't happen is through a will.
7. If you get married, any will you have made is usually considered null and void, so make sure the will you have is enforceable.
8. If you die and leave everything to your spouse or civil partner, they won't have to pay inheritance tax because they are regarded as an exempt beneficiary. Inheritance tax currently stands at 40%.
9. If you have children, a will can be used to decide who would raise them in the event of your death. You could choose a partner, suitable relative or friend, giving you peace of mind while you're alive that, should the worst happen, your children would be well-looked after.
10. You could set up a trust fund for your children, which includes instructions to protect the assets from youthful irresponsibility.
So, if you don't have a will but now feel it's time to get one, you'll need to find family solicitors that can help you. An experienced wills and probate solicitor can make sure your estate goes exactly where you want it to.
Why not visit MaceandJones.co.uk to find out more on why it's important to write a will. They have specialist inheritance tax solicitors and other friendly experts to help provide you with peace of mind.
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