Why Make a Will?
‹ Back to list 01 May 07
Here’s 10 good reasons:-
1. To ensure that your assets are left to those you choose or who will need to be looked after following your death.
2. To choose someone to deal with your estate (all your assets and property), known as an executor. You can choose up to four people. These can be individuals or professionals.
3. To choose guardians to care for any infant children you leave behind. Otherwise, there may be disagreements between family and / or close friends.
4. To minimise the amount of inheritance tax that is paid when you die.
5. To provide for your children. There will need to be a trust for your children under the age of 18, looked after by your executor (s), as trustees.
6. To leave legacies (specific items or money) to any named person of your choosing.
7. To leave money to a charity – this is exempt from Inheritance Tax.
8. To enable a business you are involved in to continue after your death.
9. To ensure heirlooms are kept in the family.
10. To record your wishes regarding funeral arrangements.
Without a Will?
Intestacy rules apply, dictating who your money and property will go to. This could include near or distant relatives who you do not wish to benefit.
