Why you should have a will
If you leave a will, you can:
- Decide how much money is left to each of your family members
- Specify who will become the guardians of your children
- Pass your estate to an unmarried partner
- Choose who you want to be the executor of your will
- Leave something to charity
- Give a memento, like a piece of jewellery, to a treasured friend
A will is important if:
You are single
If you don't have a will and you die, the Crown decides how to distribute your estate. This could mean that your family or dependants may need to challenge the Crown's legal rules, which may cost them a considerable amount of money in solicitor's fees to obtain the possessions you want them to inherit.
You are married
Many married people believe that on their death, all their assets will automatically pass to their spouse. In fact, depending on the size of the estate, if there are children the spouse may only inherit personal items and the first £125,000. The rest of the estate may not pass to their spouse, children or other relatives as you might expect.
When you die without a will intestacy rules apply, so if you have no children, the spouse could receive personal items and the first £200,000 and other surviving close relatives may benefit from the remainder (this applies to England, Wales and Northern Ireland; different provisions apply in Scotland).
You have a civil partnership
A registered civil partnership between same sex couples is similar to a marriage and the usual intestacy rules apply. Therefore it is very important that couples in a civil partnership write a will.
You live with a partner
Contrary to popular belief, an unmarried partner or non-civil partner has no automatic right of inheritance at all. A will is the only way to make sure your partner is left what you want them to receive.
You have children
A will allows you to say who you wish to be the guardians of your children - otherwise the Courts decide.