InHouse Wills & Probate
Why Make a Will?
Young or old, rich or poor, almost all adults should have a Will and it should be up to date.
Not sure why? The notes here give a few of the many reasons.
Why Make a Will?
Young family: There are no “if’s” and no “buts” about this - if you have young children you really should have a will. Fullstop. Make a Will now. At the very least it should say who will take care of your children (guardian) and who will look after their money (executor/trustee)
Without a Will, the rules of intestacy apply. This may mean long lost relatives (or their descendents) have to be tracked down, which can create a lot of hassle and expense. The rules are always subject to change, so you cannot be certain what will apply to your estate.
Without a Will only your spouse/civil partner and blood relatives have a right to inheritance, as set out in the rules of intestacy. Your spouse/civil partner might not receive everything. Neither your unmarried partner nor any other non-relative receives anything - unless they can go to court to prove that they were dependent upon you.
If you want any money to skip a generation, you cannot rely on someone else passing it on. Their own circumstances might prevent them doing it, or they might be under pressure from third-parties to not follow your wishes. If you want something to happen, put it in a Will.
A Will can reduce arguments. It is then clear what you want and who it is you want to handle things (the executors).
With a Will you may be able to reduce inheritance tax - if not for your estate then for future generations.
With a Will you may be able to protect your house or other parts of your estate against being lost to Long Term Care Fees.
Only if there really is no-one you care about then fine, forget about a Will and let the lawyers eat up your estate in fees and give the government a chance to get hold of what is left.