Your Will tells people two very important things
Who should have your money, property and possessions when you die?
Who will be in charge of organising your estate and following the instructions you leave in your Will? – This person is called your Executor and you can name more than one person if you want to.
Your Will tells everyone what should happen to your money, possessions and property after you die (all these things together are called your “estate”). If you don’t leave a Will the law decides how your estate is passed on under the Intestacy Rules and this might not be in line with your wishes.
A Will makes it much easier for your family, or friends, to sort out everything when you die – without a Will the process can be more time consuming and stressful.
If you don’t write a Will everything you own will be shared out in a standard way defined by the law and Intestacy Rules, which isn’t always the way you might want.
A Will can reduce the amount of Inheritance Tax that might be payable on the value of the money and property you leave behind.
Writing a Will is especially important if you have children, or other family, who depend on you financially, or if you want to leave something to people outside your immediate family.
You can also use your Will to tell people about other wishes you have, like instructions for your burial, or cremation.
However, when you die without leaving a Will, the law decides who gets what and how much of your estate.
It doesn’t matter what your relationship with those people was like when you were alive.
Dying without a valid Will is called intestacy, or dying intestate. If you die without a Will and you are not married, or in a civil partnership, your partner is not legally entitled to anything when you die.
If you are married, your husband and wife will not inherit all of your estate under the Intestacy Rules. Any Inheritance Tax that your estate has to pay might be higher than it would be if you had made a Will.
If you die with no living close relatives, your whole estate will belong to the Crown, or to the Government.
If you don’t have a Will, then your estate can pass to someone you hadn’t intended – or someone you want to pass things on to ends up with nothing.
If you would like advice in respect of making a Will, then please do contact us and we offer fixed fees for Wills.