Even if you don’t have a lot of money or material possessions, it’s still important that you make a will, as it will allow you to be the one to dictate who receives how much of your personal property and other possessions.
If you either fail to make a will or you pass away before you are able to make one, then certain rules will take effect in terms of how much of your personal possessions will actually get distributed, which is undoubtedly something you may not want to have happened. In addition, if you are unmarried or are in a marriage that is not officially recognized by the state in which you live (for example, a same-sex marriage), then your partner will be unable to inherit anything of yours unless you previously made a will dictating otherwise. This is something that can cause both emotional and financial strain on your surviving partner. It’s important to also keep any children you may have in mind when making a will, as you will need to ensure that proper arrangements are made for them – such as who will care for them if they are under the age of 18 – in the tragic event that either one or both parents pass away. Furthermore, if you make a will, you will be able to reduce the number of tax payable on the inheritance if the proper advice is taken in advance.
If you make a will but circumstances then change, such as being separated from a partner who may be either living or in a relationship with someone else, then you will need to make the necessary changes to your will as a result. However, on the other hand, if you get married or enter into any kind of registered civil partnership, you will need to make a new will, as any previous one you made will officially be invalid.
It’s also extremely important to think about what should actually be included in a will, especially if you have a QROPS pension – if this is the case I suggest you seek HMRC pension advice for QROPS. This will save you some time and money that you would have to invest by going to a lawyer. For starters, consider what kind of possessions and how much money you have. This includes checking accounts, savings accounts, insurance policies, pensions, etc. In addition, you will want to list the beneficiaries who will receive these things upon your passing, as these will be the individuals – or even charities – who will be able to benefit the most from your will. Lastly, it’s important to name someone you trust as the executor of your will. This will be the person who will ensure that all of your final wishes are carried out exactly as you have set them in your will, such as how you wish for your entire estate to be sorted out.