Dying intestate, or without a will means there will be no asset protection structures, such as trusts, to control the management of assets for young or vulnerable beneficiaries
Tax mitigation strategies are unavailable costing your estate substantial amounts of money - all for the sake of not spending some time getting your affairs in order
The ultimate destination of cash, personal effects, property and other assets which would otherwise pass in accordance with set rules called the rules of intestacy.
The rules of intestacy may:• may limit the amount that your spouse or civil partner will receive;
• entitle unmarried partners to nothing; and • allow children to inherit at age 18.
A properly drawn up will enable you to:
• Choose who inherits your estate
• Avoid the Laws of Intestacy
• Help reduce Inheritance Tax
• Reduce problems for those left behind
• Choose legal guardians for your children
• Choose your own executors
• Set up trusts - either simple or more flexible trusts to cater for how and when someone benefits
• Make charitable donations
Beneficiaries - these are the people who "benefit" from the proceeds of your estate.
Executors - these are trusted individuals who will take responsibility for settling a your affairs after your death, in the way they would wish.
Guardians - these make important decisions about the children under their care such as where they should live, which school they go to, whether they are brought up in accordance with a particular religion and medical treatment, if required
Trustees - often the same people as the executors, trustees may hold and manage assets for the benefit of others. they are responsible for making sure that the terms of the trust are carried out.