Should I Make A Will
Feb 4, 2015
Q. I'm thinking about making a Will. Can you explain why making a Will is the right thing to do?
A. Making a Will is one of the most important things you can do to protect your family and your loved ones after you die. Please don’t think that you should only make a Will if you have lots of money as this simply isn’t true. Not having a Will means a strict legal process called intestacy is used to divide your estate which is not always fair.
If you have children it is extremely important to have a Will in place. In your Will, you can identify who you wish to be their legal guardian. This is vital in circumstances where both parents die.
If you have decided that you and your partner are not going to get married and that you are going to live together it's even more vital that you both make a Will. If you don't, there is a real chance that there will be serious financial consequences for one of you as you have no legal rights to anything in your partner’s estate under the rules of intestacy regardless of how long you have lived together.
When making a Will you should also consider whether there are any measures that can be taken to protect your estate from Inheritance Tax and any future Care Home costs.
This is an automatic finer point which is discussed when making your Will with BS&I.
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