There are numerous reasons why it is vital for you to create a Will, depending on different circumstances and changes in your life. Here are some of the main reasons why people create a Will, with links to some of our other articles where you can find out more information.
To provide for your children – This could be financial provision but if you have children under 18, this can also relate to guardianship and choosing who will look after your children should you pass away. For more information on guardianship, please click here.
To provide for your pets – Providing for pets can often be overlooked: however, by creating a Will you can give yourself better peace of mind that should something happen to you, your pet will be cared for. For more information on providing for your pet, please click here.
Divorce – You may be divorced and as a result, wish to update your Will removing your spouse. Click here to see what to do in changing marital circumstances.
Blended family – You may be a blended family. This is a family where one or both spouses have children from previous relationships. You may wish to create a Will to ensure that your estate goes to your children when you pass away. Alternatively, you may wish to create a Will to include your partner’s children. You can also ensure that assets will go to your children from your first marriage if you wish. Please click here for an example.
Unmarried – As the law does not recognise couples that are not married, you may wish to create a Will to ensure that your partner receives a share of your estate should you pass away. To find out more, please click here.
Business – If you own a business, you can provide for this in your Will. You can nominate executors to continue running the business or you can list what you would like to happen to the business after you pass. Please click here to find out more.
Non provision – If you have estranged family whom you do not want to receive anything from your estate. By creating a Will, you can choose who receives what from your estate. For more information on excluding a beneficiary, please click here.
If you die without a Will you are deemed to have died “intestate”. For more information about the laws of intestacy, please click here.
Tax mitigation – By creating a Will and carrying out estate planning, you could save inheritance tax on your estate. This could save your loved ones from paying what could be unnecessary inheritance tax on your estate. Please click here to find out more.