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Why it is important to make a Will

Why it is important to make a Will


A will determines the distribution of your assets, including money, property, and possessions, upon your death. It is possible to draft your own will, however, if your situation is not straightforward it is recommended that you seek legal advice.

To ensure legal validity of your will, it is necessary to have it officially witnessed and signed. If you need to make any changes, you can either create an official alteration called a codicil or make an entirely new will.

 

Reasons why you should make a will:

  • Benevolent Fund - Will writingif you die without a will, there are certain rules which dictate how the money, property or possessions should be allocated. This may not be the way that you would have wished your money and possessions to be distributed
  • unmarried partners, and partners who have not registered a civil partnership, cannot inherit from each other unless there is a will, so the death of one partner may create serious financial problems for the remaining partner
  • if you have children, you need to make a will so that arrangements for the children can be made if either one or both parents die
  • it may be possible to reduce the amount of tax payable on the inheritance if advice is taken in advance and a will is made; and
  • if your circumstances have changed, it is important that you make a will to ensure that your money and possessions are distributed according to your wishes. For example, if you have separated and your ex-partner now lives with someone else, you may want to change your will. If you are married or enter into a registered civil partnership, this will make any previous will you have made invalid.

 

You can support the important work undertaken by the CABE Benevolent Fund by making a financial pledge within your will to the fund.

 

The web links below take you to further advice on how to make a will:

England and Wales:
gov.uk/make-will

Scotland:
citizensadvice.org.uk/scotland/family/death-and-wills/wills-s/

Northern Ireland:
nidirect.gov.uk/articles/making-will

Republic of Ireland:
moneyguideireland.com/how-much-does-it-cost-to-get-a-will.html
lawsociety.ie/public/Get-a-Quote/Making-a-will

Hong Kong:
clic.org.hk/en/topics/probate/making_a_will

Malaysia:
malaysia.gov.my/portal/content/27675
mypf.my/risk/estate/will/

Singapore:
singaporelegaladvice.com/law-articles/make-will-singapore-formalities/

 

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