Your will tells everyone what should happen to your money, possessions and property after you die. These are collectively known as your ‘estate’.
- A will makes it much easier for your family or friends to sort everything out when you die – without a will the process can be more time consuming and stressful.
- If you don’t write a will, everything you own will be shared out in a standard way defined by the law – which isn’t always the way you might want.
- A will can help reduce the amount of Inheritance Tax that may be payable on the value of the property and money you leave behind.
- Writing a will is especially important if you have children or other family who depend on you financially, or if you want to leave something to people outside your immediate family.
If you don’t have a will when you die, your money, property and possessions will be shared out according to the intestacy law instead of your wishes. This can mean they pass to someone you hadn’t intended – or that someone you want to pass things on to ends up with nothing.
Within Lifetime we have a number of dedicated will writers who will ensure your wishes are recorded.
Wills and trusts are not regulated by the Financial Conduct Authority.