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You often hear people say “you must make a Will” – it’s one of those things that “everybody knows”. But why make a Will?
There are two basic reasons:
To give you a say in what happens to your assets.
When you die you leave a lot of possessions behind, and they would hang around like orphans forever if no-one took care of them.
If you want a say about who gets them, and who organises it all for you, you have to leave instructions, and that’s where your Will comes in – that’s where you spell out who will get your assetgs, and who will control it all for you.
The second reason is about what happens if you don’t make a Will?.
Your assets then get distributed according to a formula in an Act of Parliament.
The formula might suit you or it might not.
For instance, your spouse might be entitled to a certain amount, and your children to the rest.
