Why should you have a Will?

Why should you have a Will?

Most people think that when they die their possessions such as a property and savings will automatically go to their husband, wife or children. This is not always the case, If you die without leaving a Will the law decides who gets what, not your partner or family.

What are the benefits of having a Will?

What are the benefits of having a Will?

The main benefits of having a Will are as follows:

  • Your estate is distributed accordingly to your wishes and not the law of intestacy. If you are not married, your partner won’t have a right to your estate.
  • You decide who your executor is
  • You can appoint a legal guardian for children under the age of 16
  • You can leave funeral instructions
  • You can protect vulnerable/disabled beneficiaries from inheriting outright (care home fees, means-tested benefits)
  • You can make specific legacies or charitable donations.
  • In the case of a second marriage. You want to ensure that your children from your first marriage are protected.
What happens if I die without a Will?

What happens if I die without a Will?

If you die without a Will your spouse or civil partner is entitled to claim prior rights.

Prior Rights are as follows:-

  • The family home (if they live there) up to a value of £473,000
  • Contents of the family home up to a value of £29,000
  • £50,000 cash if there are children, £89,000 cash if there are none.
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