Making a Will to suit your circumstances
‘All the answers you need to the question: Why make a Will?’
You might be weighing up whether or not to make a Will. We can help cut through the common misconceptions about why you might need one – explaining what a Will could do for you, and then helping you to set one up quickly and cost-effectively.
Why making a Will makes sense
It’s common knowledge that making a Will is the main way you can make sure your wishes live on after you. But there are lots of reasons why people ask the question why make a Will at all. Here we dispel some of the most commonly held misconceptions.
- ‘I’m living with my partner and they’ll inherit everything’
Unfortunately, this isn’t the case. If you die without making a Will (interstate), and you aren’t married or in a civil partnership, then your partner will receive nothing. It means you’re at risk of your assets going to someone not of your choosing, unless you take steps to safeguard your wishes.
- ‘My estate would be straightforward – so there’s no advantage to making a Will’
If you don’t leave a Will, you’re leaving heartache for your family as they won’t know your intentions. What’s more, you might be surprised by how much you do have to leave. Even if you have a mortgage, then you’re also likely to own collateral in a property. A Will guarantees that your assets go to the people you want them to go to. Not only that, it can also bring tax advantages, as you can take steps to limit your loved ones’ exposure to Inheritance Tax.
- ‘My loved ones can work it out when I’m gone’
The sad fact is they won’t have any control over your assets. If you die without a Will, your assets will probably be divided according to the rules of ‘intestacy.’ Only by making a Will can you stay in control of how your assets are passed on – and who benefits from them. Read our factsheet on the rules of intestacy.