There are a number of reasons why making a Will is a good idea:
- Regardless of your circumstances, a Will provides a clear statement of how you want your estate to be divided when you die. It is more personal than leaving it to chance.
- If you do not make a Will the law says how your estate is to be distributed when you die. Depending on your family situation you may benefit relatives who you do not know or don’t like!
- If you have children, you should consider making a Will to include provisions for who will look after them should you and their other parent both die before they reach 18. The Will can also provide for how and when their inheritance is paid to them so they don’t get it all at 18 and spend it unwisely.
- If your family circumstances are not straightforward a Will can make provisions to protect your assets for your family, if for example, you marry again or if there are other unforeseen circumstances.
- You may have a substantial estate that will be liable to inheritance tax on your death and taking advice on estate planning and having a properly drawn up Will may be able to save tax when you die.