Why Make a Will? Who inherits your possessions when you die?
You decide who inherits your money property and possessions. When you die your possessions, money and property is known as your estate. The distribution of your estate will be decided by the law if you choose not to write a will. It is not always the case that your spouse or your children inherit your estate and and to avoid this situation, it is wise that the ultimate decision is made by yourself
This is because if you die without a Will, then the Government will decide who will inherit your estate in accordance with the Laws of Intestacy.
It is particularly important to make a will if you are not married or are nor in a registered civil partnership(a legal arrangement that gives same- sex partners the same status as married couples ) this is because the law does not automatically recognise cohabitants (partners who live together)as having same rights as husbands , wives and civil partners . as a result , even if you’ve lived together for many years , your cohabitant may be left nothing if you have not made a will.
If you do not make provision for young children, then the authorities will decide who is best placed to look after them, which may be hugely upsetting and disruptive.
The Financial Conduct Authority does not regulate Will planning.