Do I need a will?
I’m single, do I still need a Will?
It’s really important to have a Will if you are single because without one, your assets and possessions will be distributed in line with what the law says, rather than with what you want. The Rules of Intestacy will pass your property to your next of kin who may well not be who you would have chosen to inherit.
I’m buying a house, do I need a Will?
Having a Will makes sure that your house and possessions are left to whoever you choose once you are no longer here. Not having a Will could mean that your house is left to someone whom you don’t want to benefit.
We have children, do we need a Will?
There are a number of reasons why it’s important to have a Will if you have children:
- You can legally state who should look after them if you died unexpectedly
- You can make sure that they inherit your assets and possessions when you’re no longer here
- For children over 16, a Will allows you say at what age you would like them to inherit.
If you do not have a Will, others could make decisions about who will take care of your children and manage their finances. It may also mean that each of your children receives the same amount of inheritance, which may not be what you want.
I want to provide for a charity
Your Will allows to you to specify if you would like to leave an amount to a favourite charity or organisation. Charitable gifts also attract special tax relief which could be beneficial if your assets exceed £325,000.