Knowing that your loved ones are provided for, even after your death and that there is a clear plan in place for your estate when the time comes, can provide great peace of mind.
Research recently found that 54% of UK adults have not made a Will and so have not made clear their wishes as to who they would like to inherit their assets when they die or who they would like to handle the administration of their estate.
If you pass away without a valid Will, it can be more difficult for your family to sort out your affairs. Your estate will be shared out according to the rules of intestacy under which only your surviving husband or wife (if you are married) and certain close relatives inherit your estate, in set proportions, which may well not fit in with what you would want to happen if you had the choice.
In particular, for couples who aren’t married, the rules of intestacy do not provide for the surviving partner to benefit at all, meaning there is all the more reason for them both to turn their attention to making a Will.
The benefits of making a Will
- Ensuring your assets pass to your chosen beneficiaries
- Appointing executors whom you trust to administer your estate
- Appointing trustees whom you trust to look after and manage your wealth for the future
- Appointing guardians for your minor children
- Avoiding disputes among family
- Providing ongoing protection for your assets through the use of suitable trusts
- Facilitating Inheritance Tax planning for your estate, maintaining flexibility where possible