Why do I need a will? Private Wealth
Having a will is vital for a number of reasons:
- To make sure dependants have access to your estate and are adequately provide for.
- To remove family anxiety about legal costs and delays.
- To set up trusts to protect family wealth for children and grandchildren.
- To maximise inheritance tax allowances.
- To protect your estate from third party costs like care home fees.
- To name individuals you can rely on to look after the welfare of young children.
- To name responsible individuals as executors and trustees to administer your estate.
If you have a paid salary, bank account, savings of some nature, a property (with or without a mortgage) or personal belongings, you need to make a will.
Many people mistakenly believe their spouse will automatically inherit their possessions even if they don’t have a will, but this depends on the size and type of estate, and other living family members. Unmarried partners who live together are not provided for at all if there is no will.
In short, you will lose your ability to choose who gets what when you pass away and risk your estate being distributed to the wrong individuals or at an age that is too young.