10 Reasons Why Making A Will Is Important

Are you yet to make a will? Do you have a will that has become null and void? Here are 10 reasons why it's important to make a will.

1. If do not have a will and you are in a long-term and committed relationship with someone, but aren't married, then there is a risk that could be given nothing in the event of your death.

2. If you have some valuable possessions, not deciding who they should go to in the event of your passing could result in disputes and delays for your loved ones in finding out what will happen.

3. Not everyone has family to leave their estate to, but that doesn't mean they can't decide where it goes. For instance, a will could stipulate that it should be left to charity.

4. Without a will in place, your money, property and possessions could end up belonging to the government.

5. If you've had a major change to your life circumstances, such as getting married, moving in with a partner or having a baby, you may have new priorities with regards to what should happen to your assets.

6. Another major change to your life that could warrant making a will is buying a property. Otherwise, your family might not get their share after you've gone.

7. If you don't yet have a will or have one that hasn't been updated for a while, then there is a chance that a former spouse could still be entitled to your estate once you've died.

8. Inheritance tax can be extremely expensive, but it can be avoided if you have a will detailing your beneficiaries, as they will be exempt from paying it.

9. You may need to have speak to a wills and probate solicitor if your old will has become null and void. For instance, if your will was made before you got married, it is no longer enforceable.

10. Having a last will and testament in place can help set up a trust fund for your children or decide who would raise them if you and your partner both died.