Creating Your First Will | Your Guide
When the time comes to create your first Will it might seem daunting and final, but it doesn’t have to be like that. However, what you do need to recognise is that, whatever your circumstances, you need to make sure that you put one in place.
A Will brings with it many advantages and, simply put, it will ensure that your money, property and assets are distributed according to your wishes which means that everyone receives exactly what you want them to.
Why You Need a Will
When you pass away your loved ones will face a difficult time but if you fail to put a Will in place then you can cause them even more grief and stress. A Will takes care of your estate and it ensures that your final wishes are followed. In failing to put a Will in place, it could mean that your loved ones won’t get what they are entitled to or what you wanted them to have.
What Happens if You Die Without Making A Will?
If this happens then it is known as intestacy or dying intestate. This means that:
Partners of people who are not married or in a civil partnership will not inherit the estate or assets as they might expect to.
A husband or wife may inherit most or all of your estate while there is every possibility that your children miss out unless you make this clear in your Will. This also applies even when spouses are separated but not yet divorced at the time of death.
Under the law of ‘bona vacantia’ those who die without making a Will and leave behind no close relatives will have their estate go to the Crown. If a Will was in place the estate could have been left to a non-relative or a charity.
The Inheritance Tax for people who die without leaving a Will can be higher. This can be avoided by making a Will.
All of this proves that making a Will is crucial because it removes any problems or confusion around the distribution of your estates. So, put a Will in place and relax knowing that everything is taken care of.