Financial reasons to make a will
It’s easy to put off making a will. But if you die without one your assets may be distributed according to the law rather than your wishes. This could mean that your partner receives less, or that the money goes to family members who may not need it.
Making a will – why it’s important
There are lots of good financial reasons for making a will:
You can decide how your assets are shared out – if you don’t make a will, the law says who gets what.
If you aren’t married or in a civil partnership (whether or not it’s a same sex relationship) your partner will not inherit automatically – you can make sure your partner is provided for.
If you’re divorced or if your civil partnership has been dissolved you can decide whether to leave anything to an ex-partner who’s living with someone else you can make sure you don’t pay more Inheritance Tax than necessary.
Who inherits if you don’t have a will?
If you don’t have a will there are rules for deciding who inherits your assets, depending on your personal circumstances. If you don’t leave a will you die intestate and an administrator will be appointed by the court if there is a dispute in the allocation of your assets, so this is a very important aspect in someones life.