Should I make a will?

Everyone should have a will. A will is the only way you can tell others how you want your assets to be distributed after your death. It is the only way you can provide for people who may depend on you financially, for example, children.

If you don't have a will, your assets will be distributed according to intestacy rules. These rules apply to everyone and do not take account of your individual circumstances or what you may have wanted.

A will also allows you to choose a person to manage the distribution of your assets. This person is called an executor. If you don't have a will, your assets will be managed by a person called an administrator, who may have to be appointed by a court. This person does not have all the powers that an executor does, eg; an administrator has limited powers of investment which may affect the income created by your assets.