why do I need a will?

Why do I need a Will?

Years of hard work and prudence have built a fund of money that will provide security for your family should anything happen to you. Or will it? If you haven’t yet made a Will, the people you thought would benefit from your life savings could lose out in the long term or suffer stress and financial hardship while your affairs are resolved. By making a legally valid Will the foundation of your financial planning, you ensure that your wishes are followed and that your family’s future is safeguarded.

Determine who inherits

Without a Will the government decides who should inherit your possessions, property and money through the Laws of Intestacy. Depending on the size of your estate, your spouse may have to split the assets with your children or parents, possibly forcing them to sell the family home. If you are unmarried or have step-children, your partner or any step-children do not automatically inherit anything from your estate.

Appoint guardians for your children

Without a Will you have no control over your children’s future. Should anything happen to you, it becomes a matter for the courts who appoint someone on your behalf – someone you might not have chosen yourself.

Reduce the amount of inheritance tax you pay

If you don’t want the taxman to be the biggest beneficiary of your hard earned money, you can set up a Discretionary Trust in your Will that distributes your assets in such a way that Inheritance Tax is minimised or eradicated altogether.

Make gifts to individuals and charities

You can stipulate sums of money you want to leave to people outside your close family circle or to a charity that you support.

Appoint executors and trustees of your choice

You want to appoint someone you trust to ensure your wishes are adhered to and that your affairs are settled quickly and efficiently. See the section on Executors and Trustees.