Dying without a Will means the distribution of a person’s estate becomes subject to the statutory intestacy rules, which can lead to some unexpected and unfortunate consequences.
If you want to be sure your wishes will be met after you die, then it’s vital to have a Will.
A Will is the only way to make sure your savings and possessions forming an estate go to the people and causes that you care about. Unmarried partners, including same-sex couples who don’t have a registered civil partnership, have no right to inherit if there is no Will. Another of the main reasons for drawing up a Will is to mitigate a potential Inheritance Tax liability.
The beneficiaries of the deceased person that they want to benefit from their estate may be disinherited or left with a substantially smaller proportion of the estate than intended. Making a Will is the only way for an individual to indicate whom they want to benefit from their estate. Failure to take action could compromise the long-term financial security of the family.
These are some of the main areas to consider: