Do You Need To Make A Will?

By Author: Anthony Taylor
Total Articles: 29
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It's been said that there are two certainties in life - death and taxes. But contemplating one's own death - or the prospect of paying the government taxes - may not be the most comfortable of thoughts or tasks to entertain.

That's why people put off making a Will - sometimes for 20-30 years, and a large number will never get round to it. Yet it's the things that we like to put out of our mind that could be the most important decisions of our lives.

Fortunately, online services such as The Will Site make it easy for you to write your will from home saving you the time, expense and hassle of travelling to a solicitor's office.

Even with this new convenience of writing your will from home, it is surprising how many people continue to procrastinate knowing full well the government has rules regarding how your estate is split if you happen to die without a will. These rules are called 'Rules of Intestacy'.

It usually takes a really good reason for people to start planning a Will. You may have made a last will and testament many years ago and think it is still valid. However, all of us experience changes ...
... in our lives over time - and these can invalidate a will. Let's look at some of the reasons why it is vital to keep your last will and testament up-to-date:

Wills, Marriage, and civil partners

Unmarried couples are not recognised in law, so it is vital to have a will. For those who are married or in civil partnerships, both partners need a Will, and at the moment you say your vows, any previous Will becomes invalid (unlike the will making laws in Scotland). Also if you're divorced then any existing Will is not cancelled, though a gift to a divorced spouse becomes invalid. So the balance of your gifts will suddenly change, and you should make a new Will.

If you die without making a Will, your spouse may not receive all your estate. If you have children and you die intestate, only the first 250,000 pounds is guaranteed to your spouse. If you don't have children but have parents or siblings, only the first 450,000 is immediately guaranteed to your spouse. Above these figures, the way the estate is distributed can become complicated - so the best advice is to make a Will and be safe. Of course, if you have no relatives at all, your estate goes to the Crown.

Wills and Children
While it isn't essential to name guardians in a Will - but it's still important to make provisions, and many people use a Will to nominate guardians. The worst situation is where there are no wishes expressed, the courts will decide who will look after your children - and this can be particularly problematic where the parents are unmarried.

Your estate
Buying a home means that for the first time your value of your assets increases. Even though you may only have invested a deposit in the house, your insurance will pay your nominated beneficiary the whole sum insured in the policy. In most cases this will cover the whole of the mortgage. So suddenly your 'net worth' could be ten times the deposit on your house. That's a really compelling reason to make a Will.

.. and Taxes
Yes, there's inheritance tax to consider. The first 325,000 of your estate is tax-free - or couples can transfer their tax allowance to each other, increasing this to 650,000. The remainder is taxable - but there are ways to reduce your tax liability - and a solicitor can advise on how to do this.

Make a legal will online at The Will Site UK. The Will Site UK offers a solicitor backed will writing service using the same software used in a solicitor's office but at a much lower cost and less hassle with travel. Receive a bound will by post.