Why make a Will

Why Make a Will? A Will is a document that allows you to pass on your possessions to benefit others, giving you control over what happens to your money, possessions, and property after you die, as well as ensuring your children can be cared for by family or friends. Providing for your loved ones Many people do not thoroughly plan for the future and often assume their possessions will simply pass automatically to their ‘next of kin’. Often, people believe their assets are too insignificant to need a formal arrangement or legal guidance. But if you die without having made a Will, the intestacy rules apply (in accordance with the law in England and Wales). The only certain way to ensure that your spouse, partner or relative inherits what you intend is by making a Will. At present, the intestacy rules do not recognise co-habitees who are unmarried and not in a Civil Partnership. Therefore, if you live with your partner and die without having made a Will, your partner will not automatically inherit any of your estate. The estate will automatically pass to your surviving family (i.e. children, parents, brothers and sisters) and your partner will have to make a claim on the estate claiming financial dependence if appropriate. If you have children with your partner or from previous relationships, then those children will automatically inherit the estate, and both your partner and your children will have to get separate legal representation in order to fight for a share in the estate. This can be distressing and expensive and is a situation that should be avoided. A Will is all that is needed to ensure that your partner is provided for. Guardians If you have children under the age of 18, you can appoint Legal Guardians to care for them if you die. Before you appoint someone to be a guardian you should check that he or she would be happy to act. You can only do this if you make a Will and without the Will, the Local Authority (council) will have responsibility for placing your child. If you any of this makes you wonder "what would happen with my own situation" - then you need some Will advice. Please drop us an email at helen@altogetherfinancial.co.uk and we can help protect your loved ones.