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Why Make a Will?

Making a will is one of the most thoughtful things you can do for those you love and most of us are aware that we need or should make a will, but the majority of people just never get around to doing it.

Considering that 7 out of every 10 people die without having made a valid will, you might be wondering "why should I bother?" The absence of a valid will can often result in delays, increased anxiety for relatives and possibly costly legal bills, especially where there is disagreement amongst those left behind.

Intestacy

If you die without leaving a valid will, you will, according to the law have died intestate and the laws of intestacy will apply. Consequently it will be the law which decides who will receive what. The results of such distribution may not accord with your wishes. For example, if you are living together but have not married or entered into a civil partnership, you will need to make a Will to ensure that your partner reaps benefit from your estate. Failing to do so will mean that they may receive nothing.

Alternatively, if you are single, any friends who you wish to receive benefit from your estate will not be taken into account if no Will is made. Another example is where minor children are concerned. It is vital that a Will is made to appoint Guardians to care for your children, in the event that both parents pre-decease the child. Where no Will has been made appointing Guardians, the Court will decide who has custody and where the child or children have been born out of wedlock the father will not have automatic parental responsibility.
For a more detailed examination of the law relating to intestacy and the various rules of inheritance please see Intestacy Rules

Property Ownership

Where more than one person owns property - such as married couples for example - they are said to be joint owners. However, there are two types of joint ownership; joint beneficial tenants and tenants in common.

With both types of ownership, it is important that a Will be made, but more so where the parties are tenants in common because without a will, the laws of intestacy will dictate who receives the share in the property. Ownership as tenants in common also allows for valuable inheritance tax planning strategies to be employed. For further information regarding the different types of ownership, and the importance of a Declaration of Trust see Wills, Property Ownership & Declaration of Trust Parts I & II.

Inheritance Tax

The law of intestacy will only provide for the minimum Inheritance Tax saving and better estate and financial planning can be achieved through the making of a will.

Inheritance tax and estate and financial planning issues are dealt with more in-depth in the Inheritance Tax section of the site.