Give Me 10 Reasons Why I Need To Make a Will
A large proportion of the population have no Will. Many people either just don't want to think about the possibility of their own death, or assume that if they die, what they own will go to the people they want. Unfortunately, in many cases, it won't. Here are the ten most important reasons why you should make a Will.
- Fundamentally, it is a matter of choice. If you make a Will, you decide what happens to what you own when you die. If you don't, but die "intestate", the general law makes the decision for you.
- If you are married with children, your wife or husband will not necessarily inherit everything you own. Without a Will, if your estate is large enough, part will go to your children, and part of what does benefit your wife or husband will be held in trust.
- If you are married but have no children, without a Will, your wife or husband may have to share your estate with your closest relatives.
- If you are you living with someone to whom you are not married, without a Will, your partner will receive... apart from your share of any assets which you own jointly together... absolutely nothing.
- If you have young children from a second marriage, and adult children from a previous one, without a Will, your second family may have to share your estate with your first.
- If you are in a second marriage, with no children together, but with children from previous relationships, without a Will, one family will lose out very significantly in favour of the other.
- If you have step-children, without a Will, they will not inherit directly, but may inherit indirectly if your estate passes to your wife or husband.
- If you are unmarried with no children, without a Will, your nearest relatives will inherit your estate, rather than the friends or charity you might prefer.
- Without a Will you cannot decide who will have the responsibility for dealing with your estate after your death, or who will be trustees or guardians for your children.
- Without a Will you cannot decide the age at which your children should take control of anything they inherit from you. Many consider eighteen too young.
This is a general guide which cannot cover all possibilities, and there are many other reasons to make a Will. It isn't hugely expensive, and it won't kill you. The Wills team at Hedges will be happy to give you further advice. Please contact Rachel Dullforce.