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Reasons for making a will
Why it is important to make a will
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 partners and partners who have not registered a civil partnership 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
- if you have children, you will need to make a will so that arrangements for the children can be made if either one or both parents die
- 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 make 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 married or enter into a registered civil partnership, this will make any previous will you have made invalid.
But despite this, most people see making a will as something to leave until later in life, or they put it off assuming that it's an expensive process to go through. These days, there's no reason for writing a Will to be time consuming or costly, and one thing is certain, both you and your family benefit from the peace of mind of doing it.
What's more, Wills and Trusts can save you money too. Plan now and potentially the less inheritance tax will be payable on your death.
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