The Importance of Making a Last Will

A last will is a document that will speak after death. A document that includes your instructions and wishes. If a person dies without leaving a last will, his or her estate (money, property, and belongings at the time of death) will be dealt with strictly based on intestacy rules. The person will have no control over who is to inherit from him or who is to be the recipient of his estate and will not be able to provide for friends or charities. The best way to ensure your intentions over who your money, property, and belongings will go to after your death is to create a last will.

Benefits of making a last will

Rules of intestacy will not apply
You will be able to make provisions for your unmarried partner
You will be able to appoint a guardian for your children under the age of 18
You will be able to name people, friends, organisations, and charities you would like to provide for.
You will be able to decide what percentage you would like to give each beneficiary, or you will be able to give a specific item
You will be able to name an executor or executors (someone who will wind up your estate and distribute it accordingly).
It can save your loved ones from paying too much inheritance tax.
Finally, it will help to avoid family disputes and arguments.

What happens if you don’t make a last will?

All your estate will be dealt with according to intestacy rules.
You will not be able to name an executor.
You would not be able to plan for inheritance tax, and your estate may pay more.
You will not be able to provide for friends, organisations, or charities.
You would not be able to appoint guardians for your children under the age of 18.
If you die with no living relatives, your estate would go to the crown
If you are married with no children, your spouse would inherit the first £400,00 and half of the residue estate, leaving the other half to your relatives.
If you are married with children, your spouse will inherit £250,00 plus life interest in one half of the rest of the estate.
If you live with an unmarried partner, your partner will not receive anything from your estate.
If you are single, divorced, or widowed, your estate will go to your immediate relatives.
There would be lots of family disputes and arguments.

Chathuri Kumar
Solicitor

Information

This website is owned and operated by senior solicitor Chathuri Kumar SRA No: 492144. Chathuri Kumar provides her conveyancing services through the solicitors firm Taylor Rose MW which is authorised and regulated by the Solicitors Regulation Authority. Its full details can be found at its website here: www.taylor-rose.co.uk

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