Intestacy is where you die without a Will. This means your assets might not go to who you want them to. It also can cost money going to court and lead to disputes over who gets what assets. You can choose who gets specific items and possessions, and ensure loved ones are taken care of financially.
If you have dependants, a Will can be used to choose who would be their guardian in the event of your death. It avoids expensive costs you might see in applying to courts, whilst also reducing the risk of the wrong person gaining guardianship.
For dependent children, any money they inherit needs to be managed for their benefit. You can choose in a Will who is responsible for managing your money, ensuring the individual is trustworthy, competent and understands how you would want the money spent.
You can often reduce inheritance tax by the decisions on who inherits assets. More importantly, getting a Will written helps start a conversation on whether there is a liability and plans on how to reduce what might be owed upon your death to HMRC.
Probate can be a time consuming and costly endeavour. A well written Will can dramatically speed up this process and also substantially reduce costs. This ensures your family can focus on the important things such as managing grief without unnecessary stresses.