When is a will necessary?

Answer 1

A WILL is allways necessary in this day and age.If you died..say in the UK..without making a Will you would have died intestate-meaning your Estate or your possessions would be decided by the court [PROBATE]If you have made a Will..on the otherhand you are in effect making your wishes known very clearly as to who gets what from your estate...i.e.."I wish to leave my house to my wife Jane-and I wish to leave Ten thousand cash to my son Mark,Ten thousand cash to my daughter Sandra.I further leave my favourite painting to my next door neighbour John"!

This is a typical example of how a Will is usually made out,however in the event there is "NO-WILL"made then there could be disputes amongst the parties mentioned above..like my son Mark may refuse to hand over the paintings to John my neighbour,although I may have ..verbally...promised John the painting in my lifetime.

There can also be some complicated - CAPITAL GAINS TAX ISSUES- an area I am not familiar with and for this you need to see a lawyer or an Accountant who specialises in WILLS in your area.

One of the more important things that a will can establish is the appointment of an executor. In the absence of a will, the court will appoint an executor of their own choosing, who will charge whatever fees he sees fit.