Making a will and 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.
Your will is one of the primary documents you’ll be creating while planning your estate. Your will is your expressed intent of what should happen to your property after you pass away. If you want your property distributed a certain way, you need a will.
Usually the spouses want everything to go to the other spouse upon their death. Then, whatever is left, to be distributed to the children upon the death of the surviving spouse. If I predecease my wife, then everything I have goes to her. If she predeceases me, then everything I have goes to the kids. She writes the same thing about me in her will.
Wills Avoid Confusion
Also people write wills in order to distribute personal property in a certain way. Maybe it is your grandmothers wish that her oldest granddaughter inherits her grandmothers jewellery. Maybe mum wants one daughter to get the family china because she knows she is the only child who would appreciate it.
This is often done by people to prevent squabbling among the children as to who gets what. Then, the testator (the person making the will) can write all these distributions of silverware, paintings, tools, or jewelry down on a piece of paper, typically kept with the will.