Why do you need to make a Will?
‘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.
To help you understand why it is so important to make a Will, we have created this simple guide to show you what will happen if you die without a Will.
Why making a Will is really important
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.
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“What the team is known for: Advises clients from its Oxford and Swindon offices on trusts, tax and estate planning matters, wills and estate administration. Adept at handling contentious probate and trusts work. The firm has its own trust company, providing advice to trustees. Strengths (Quotes mainly from clients): “They are strong in estate planning and trusts.” “They’ve been very good and very easy to deal with.” Notable practitioners: Tom Gilman’s (Band 2) practice focuses on inheritance tax issues, wills, trusts and estates planning and administration. He also has capability advising on Court of Protection matters and powers of attorney. A client notes: “He is thoughtful, careful and he has always given me excellent advice.”” Chambers 2017 Oxford and Surrounds