Why do I need a Will?
Ultimately, all of us will die. It might not
be today or tomorrow, but eventually, it will happen. At that time, especially
if you have children or dependents, you will want to know that they will be
looked after when you’re no longer around.
By having a Will, you are able to pass on your
assets as you wish to the people you wish to receive them.
If you do not have a Will, then instead you
would have no control over how your assets are distributed.
If you want to make sure that the right people
are able to inherit your money and possessions, then you need to make a Will.
Especially if you have an unmarried partner,
having a Will is absolutely vital, as if you die without a Will, they will not
be eligible to inherit your assets.
Having a Will also allows you to name an
executor, someone who undertakes the duty of enacting the terms of your Will.
If you do not make a Will, then this duty will
fall upon your family. As your family are likely to already be in mourning due
to your death, and already facing significant stress, this outcome should be
avoided if possible at all costs.
Having a Will can help manage Inheritance Tax.
While for many people this is not a problem due to the threshold for
Inheritance Tax, if you own valuable assets such as a house, then Inheritance
Tax may eat into the value of your estate.