1. You decide who receives your money, property or special items.
  2. Without a Will the Intestacy Rules apply, which can result in your money and other assets passing to people you may not expect, or even want, to receive them.
  3. You choose executors who will sort out the will meaning there may be less likelihood of disputes and ensuring capable and trustworthy persons are in charge of administering your estate.
  4. What about your business assets?   Is it appropriate for them to go to the person designated under the Intestacy Rules? A Will gives you the opportunity to separate business and personal assets, if appropriate.
  5. Avoid claims against your estate. People have blended and second families;  or they have people that they support financially who ought to be provided for under a will.  If the Intestacy Rules kick in those people who may not be entitled under The Intestacy Rules may have no choice but to make a claim.
  6. Do you need a trust for a vulnerable or disabled beneficiary?   Sometimes it is not a good idea to leave money to people outright.  You may want to put protection in place for them.
  7. Have you thought about what happens in extreme or unexpected circumstances where your immediate family does not survive you?  Where would you like your money to go then?   Perhaps charities or friends rather than distant relatives?
  8. What about guardians for minor children.  This can be an important decision.
  9. A properly drawn up will can make your estate easier, cheaper and quicker to deal with.  If you die without a will genealogical  research may be needed to identify your relatives which can be expensive and time consuming.
  10. Get your will drawn up professionally. It ensures it is properly executed and valid and also means you get professional advice and up to date inheritance tax information, helping you maximise the assets that actually pass to your chosen beneficiaries.
Tagged: Will, Probate

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