There are many benefits to writing a Will, as follows. Remember a Will can be a working document – as your life changes, so can your Will.
- You are in charge of what happens to your money, property or possessions after you die. If you die without a Will, the Law of Intestacy dictates what happens to your estate and it may not be in line with your wishes.
- You are in control of your wishes – such as instructions for your burial or cremation.
- Makes it much easier for your family and loved ones to sort everything out, at a time when they will be mourning the loss of you.
- Having a Will in place can help reduce the amount of inheritance tax that may be payable.
- Protect your children – if you have children from a previous relationship and you are now married, your children may not inherit anything from you if you do not have a Will in place.
- Protect your partner – if you have a partner but are not married, the law treats you as if you are both single and so your partner would not receive anything if you do not have a Will in place. At a time when they will be mourning your loss, they could lose their home too!
- Protect your spouse/civil partner – without a Will in place, your spouse/civil partner may not automatically inherit your estate.
- Protect your property – with a Will, you can choose who you wish to inherit or live in your property after you have passed away. You can also consider protecting your share against possible future care costs.
- Protect your grandchildren – you may wish to add grandchildren as beneficiaries so that they will inherit from you
Basically, a Will tells people very important things such as who should have your money, property and possessions when you die and who will be in charge of organising the estate and following the instructions you leave in your will [the Executor(s)].
You can also use your Will to tell people your wishes, such as your burial or cremation.
Dying without a Will means your money, property and possessions will be shared out according to the Law of Intestacy, instead of YOUR wishes. This could mean that they pass to someone you had not intended to OR someone you want to inherit from you, ends up with nothing.