10/08/2023
Should I make a Will?
If you were to die without a Will in place, there are certain rules which dictate how your money, property or possessions should be allocated. This may not be the way that you would have wished as your estate would pass under the rules of Intestacy rather than specifically what you intended.
• unmarried partners and partners who have not registered a civil partnership cannot inherit from each other unless there is a Will, so the death of one partner may create serious financial problems for the remaining partner.
• if you have children, you will need to make a Will so that arrangements for the children can be made if either one or both parents die.
• it may be possible to reduce the amount of tax payable on the inheritance if advice is taken in advance and a Will is made.
• if your circumstances have changed, it is important that you make a will to ensure that your money and possessions are distributed according to your wishes. For example, if you have separated and your ex-partner now lives with someone else, you may want to change your will. If you are married or enter into a registered civil partnership, this will make any previous will you have made invalid. You may wish to update your Will to include your children and make provision for them, or to include new assets such as property.
This post is in partnership with Hutley Wills, a registered member of The Society of Will Writers. For more information, please contact [email protected]
❗This post is intended for educational purposes only, not financial advice. ❗
I recommend seeking professional advice from a Financial Adviser to discuss your personal circumstances.
