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 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.
For more information on making a will please visit
Citizens Advice Bureau (external link).