Top Ten: Reasons for Writing a Will

A Will gives you peace of mind, knowing that your assets will be distributed as you wish when you are no longer here. It also takes care of the following situations which, if left to the intestacy rules, may not take place as you desired.

(1) To take care of your spouse/civil partner

If your family home is not owned as joint tenants, your spouse/ civil partner will not necessarily inherit the house

(2) To take care of unmarried partners and dependents

Unmarried Partners and dependents who do not have an automatic right to inherit under intestacy. A will ensures that they are not left in financial difficulty or even homeless

(3) To take care of ALL your children

Those who have remarried and have children from an earlier marriage may find that these children will not benefit under intestacy

(4) To avoid unnecessary IHT

This may be the case where intestacy rules distribute the deceased’s estate to people other than their spouse, and this value exceeds the nil rate bands

(5) To Manage Assets

To manage assets for those who may be considered too young to inherit, or not trusted to manage for themselves. For example, creating discretionary trusts to look after assets for children

(6) To appointed guardians who help to look after minor children

(7) To avoid money going to a bankrupt person or someone who may be in the process of a divorce

(8) To create a trust for a dependent who cannot care for themselves

(9) To make donations to your favourite charities

(10) To benefit individuals who are not related