Why make a will? Well, let’s ask another question … Do you know what will happen to your home and possessions if you die without one? Most people believe that their estate, i.e. their home and other possessions, will automatically pass to their immediate family without complications. This however, is not the case.
When a person dies intestate, that is without having made a Will, the Laws of the Land in which the possessions are held will determine what happens to their estate and how it will be distributed. This could mean that some dependents are deprived of essential financial security and possessions whilst others might benefit when that was never the intention. You may possibly have made a Will some time ago and your family circumstances have changed, in which case your Will would need to be updated.
By making a Will you make sure the proceeds of your estate will benefit those you intended, whether they live in the UK or overseas – and in the most tax efficient way. You can also take steps to review and reduce the tax liability of your estate by giving gifts to family members or by setting up trusts to make specific provisions for your family.