Wills and testaments
It is important for you to make a will whether or not you consider you have many possessions or much money. It is important to make a will because:
- if you die without a will, there are certain rules which dictate how the money, property or possessions should be allocated. This may not be the way that you would have wished your money and possessions to be distributed
- unmarried couples (whether they are the same sex or not) cannot inherit from each other unless there is a will, so the death of one partner may create serious financial problems for the remaining partner
- married couples with children under 18 should also consider what arrangements they want to make if either one or both of them die. You can appoint one or more individuals to act as guardian(s) for your children
- unmarried couples with children under 18 should also consider what arrangements they want to make if either one or both of them die. It is even more important for unmarried couples to make provision for their children
- it may be possible to reduce the amount of tax payable on the inheritance if advice is taken in advance and a will is made
- if your circumstances have changed, it is important that you makes a will to ensure that your money and possessions are distributed according to your wishes. For example, if you have separated and your ex-partner now lives with someone else you may want to change your will.
If you are in any doubt as to whether or not you should make a will, you should consult a solicitor or a Citizens Advice Bureau who can give you a list of solicitors.