02: Reasons to have a will
There are many good reasons why you should have a will reflecting your current situation and wants:
- If you do not have a will, the state will direct who will inherit your estate (see Facts & Figures - Intestacy rules). The result could be that your assets would be distributed among your family in ways that you would not want. Your spouse might end up with less than he or she needs and your children could receive more. Friends, charities and more distant relatives you would like to benefit would receive nothing.
- If you are not married to your partner or do not have a recognised civil partnership, the chances are that your partner would be left nothing unless you make a will.
- A will is essential if you have children or dependants who will need looking after. Unless you have a will appointing some kind of carer or guardian for them together with provision of enough funds to cover the costs, there could be a good deal of uncertainty and possibly conflict.
- You may have overseas aspects to your life. If you have property outside UK you may need to have a will for the country in which it is situated as well as a will for this country. If you are not a British citizen, it may be advisable to have a will for both here and your country of origin.
- Anyone who owns a business or a share in one should seek advice on how best to structure their will and their succession planning generally.
- A will can also help with tax planning, although the Chancellor's move to make the nil rate band effectively transferable between married couples and civil partners may have made this less urgent for many people.
