Having a Will is one of the most important steps you can take to protect your family, your money and your wishes.
Here are the reasons why you need one.
You decide who gets what
Without a Will, the law (not you) decides who inherits your assets. In England and Wales this follows the Intestacy Rules, which often don’t match what people want.
A Will lets you decide:
- Who inherits your money, property, savings and possessions
- Whether certain people are excluded
- Whether friends, partners, step-children or charities receive anything. (they get nothing automatically without a Will)
It protects unmarried partners
If you are not married or in a civil partnership your partner gets nothing unless they are named in your Will.
A Will ensures:
- They can remain in your home
- They receive financial support
- They inherit assets you want them to have
It protects your children
A Will lets you:
- Appoint guardians for children under 18 years of age.
- Specify trust arrangements so children inherit safely and at the right age.
- Ensures step-children or blended families are treated as you intend.
It prevents family disputes
A clear Will;
- Reduces arguments
- Prevents misunderstandings
- Gives certainty about your wishes
Families often fall out when a Will is missing or unclear.
You choose who manages everything
Executors deal with your estate when you die.
In a Will you can:
- Appoint people you trust
- Avoid someone unsuitable taking control
You can reduce inheritance tax
A well-written Will can:
- Use allowances efficiently
- Reduce tax liability
- Protect assets through trusts
- Ensure your spouse or partner benefits fully
You protect vulnerable loved ones
If someone you care about:
- Has a disability
- receives means-tested benefits
- is bad with money
- has addiction, debt or mental-health challenges
A Will allows you to create trusts so that they are protected without losing support or putting them at risk
