Do I really need a will?
answer is "Yes". Every adult should make a Will and review it regularly,
particularly if their circumstances change.
Marriage (Any Will made prior to the marriage is invalidated)
There are five
main reasons for having a will:
who benefits after your death, otherwise the intestacy rules apply. Under
the England and Wales intestacy rules the people to whom you would like to
leave your estate may receive little, or nothing at all, and others may
benefit whom you may not like or wish to receive anything.
reason is to avoid inheritance tax. Inheritance Tax may be payable by your
estate on assets over £325,000 (as of 6 April 2009). With many people now
owning their own properties it is worth calculating what your estate would
be worth if you were to die tomorrow. You need to take into account all of
your assets including your house, furniture, car, savings, investments and
all your personal belongings, plus any death benefits under pension or life
policies. From this you take away any outstanding liabilities such as
mortgages, loans or credit card debt. There are some simple things that can
be done during your lifetime and under your Will, to reduce or negate any
Inheritance Tax liability. There is also the ability to use a double nil
rate band for couples.
If you have
children, it is important to appoint guardians who will be responsible for
your children's upbringing. If neither parent is alive, you are able to
appoint someone you trust to look after your assets until the
children become old enough to take responsibility for themselves.
Without a valid will an estate
can take months and even years to settle. This can cause major financial
problems to a spouse and
family left behind.
The best reason to make a Will is that it gives you peace of
following good reasons not to make a will?
I do not want
to think about death -
Death is the only certainty in life apart from taxes. It could be today, it
could be many years time. It can happen at any time!
I'm too young
you are old enough to drink and vote then you are old enough and should make a
I can't be
You should be responsible to those that you care about, whether it be family or
close friends.. Why leave them in a desperate situation without writing your
I want the law
to decide who receives my hard earned money- are you sure?
It is too
Wrong- see our
tariff of charges