Nobody wants to think about their own death and the decision to make a Will is often put off until it is too late. There are however many reasons why everyone should consider making a Will, not least to clarify who you want to inherit your assets when you die.
If you die without a Will, the law decides who will inherit your assets rather than you. This could mean that the partner you have lived with for many years will get nothing just because you were not married at your death.
It is a common misconception that on the death of a married person the surviving spouse will get everything. This is not necessarily true. If you have children, and die without a Will, your widow or widower will only inherit the first £125,000 of your estate. Anything else will be divided into two halves. Half for your children immediately and half on a Trust for the spouse’s lifetime. Matters are even more complicated if your children are under 18.
Marriage or a civil partnership generally revokes a Will so it is important to review your Will every time your circumstances change.
Not having a Will can also mean it will take longer for your beneficiaries to receive your assets. Avoid unnecessary heartache for your loved ones and make a Will today.