Everyone should have a will, but it is even more important if you have children, you own property or have savings, investments, insurance policies or you own a business.
If you die without a valid will, you have no say in what happens to your estate. Instead, the ‘Rules of Intestacy’ will divide your estate in a pre-determined way and this may not be to people who you wanted to benefit. That could mean that, for example:
- You and members of your family may also end up paying more tax than you need to.
- If you live with someone, even if you are married, are in a civil partnership or have step-children, they may not automatically inherit your estate.
Once you have written your will you should review it regularly to make sure it reflects your wishes, especially if you:
- Get married / enter a civil partnership as a will is automatically cancelled by these events
- Get divorced
- Have children or other relatives you wish to benefit, for example nieces, nephews or grandchildren
- Have bought a new property or have recently obtained expensive assets (such as buying a new car)