Making a will is one the most responsible and straightforward things you can do to protect your family, yet many people do not make one. Your will tells everyone what should happen to your money, possessions and property after you die. If you don’t leave a will, the law decides how your estate is passed on – and this might not be in line with your wishes.
Dying without a will is knows as dying intestate. Dying intestate means you have no control over what will happen to your wealth. It is decided by legislation. This can lead not only to wealth passing in ways in which you do not intend, but also loss in the case of wealth passing to vulnerable or irresponsible beneficiaries.
A Will not only ensures that your wishes are made known, it also allows you to create specific structures that protect wealth and only come into effect when you die.