Making a will
1. Your Estate
You get to decide how your money and property is distributed. If you don’t, “Intestacy rules” will decide for you and this may not be what you want.
You can choose who carries out your will. This saves your closest family members from having to make “letters of administration” applications in a time of grief.
3. Your Children
A will allows you to say who will look after your children (until 18 years old). It also allows you to setup financial arrangements for them.
You can decide who gets what in terms of your money and belongings.
5. Children after Remarriage
Your will can ensure that children from your fist marriage get their fair share of your money and property.
Not Having a Will
6. Unmarried Couples
If you’re not married to them, your partner could get nothing from you unless you have put them in your will.
7. Your Spouse
Your wife or husband might not get as much as you want them to as a result of “Intestacy rules“.
If you don’t leave a will, your money and belongings might not go to where you want them to. “Intestacy rules” mean that your brothers, sisters & parents may inherit it.
9. Family Disputes
If you don’t leave a will, you may be creating family disputes over your money and belongings.
Not having a will can result in a much larger inheritance bill, since a will can help set out a tax planning process.