No-one like to think about it, but the simple truth is that any one of us could die at any point. Obviously there is no point losing any sleep over this basic fact of life, but financially it is something that you should prepare for.
Even if you think that your assets do not amount to much you should think about writing a will. If you do not have a will and you die then it is the law that says where your money and possessions will go. This means that these may well not be distribute in the way that you would have liked.
There are tax implications to not making a will. By drawing up a will it is possible to minimize the amount of tax that your family, or those you choose to leave your estate to, will have to pay. By cutting down on the amount of tax that you will have to pay you will be making sure that those you wish to look after will get more.
For unmarried partners, if they register a civil partnership, it is possible to make inheritance arrangements that will not create financial headaches should the worst happen. It has become easier to write a will in recent years and there is not even a legal requirement to have a solicitor involved.
There are DIY will writing kits and even on-line ‘will writers’ that can be used. Unfortunately the situation can often be much more complicated than it might appear at first sight. There are several reasons why getting help from a solicitor could be a good idea when writing a will.
There kind of complex situations where receiving professional help in will writing vary. They include where there is the need to make provision for a dependant who is unable to care for themselves. If you have any property or assets over seas, or if you are not a British citizen having a lawyer look over your will is a must – and the same can be said if your permanent home is outside of the United Kingdom.
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