Making a Will is essential to ensure your property and possessions are left to your chosen beneficiaries. A Will allows you to provide clarity on a wide range of practical matters such as who should look after your children if you unexpectedly die and who should handle the administrative side of dealing with your property and possessions. It is essential for protecting your assets for your family and future generations and can also include plans for residential care and tax planning.
What happens if I don’t have a Will?
If you die and do not have a Will, the Rules of Intestacy, which were created in 1925, will decide who will receive your property and possessions. The issue with this is that the rules were created so long ago that they don’t reflect today’s families and modern living arrangements.
The aim of the Rules of Intestacy is that they take care of spouses, civil partners and biological children but they don not make provisions for unmarried partners, step-children, friends, pets and charities.
This is why creating a Will is so important, as without one you are not in control of how your property and possessions are distributed and who they are inherited by, leaving your families future undecided.