Everyone should have one and consider why should I make a Will? This perhaps comes to the forefront of your mind as you get older.
What will happen to your assets on your death? If you die without a Will the rules of intestacy apply. This chart summarises what will happen and you will not have made a choice of who should administer your estate (appointed executor/s)
The older person should consider revising his or her will as no doubt over the years the family structure has changed. Do you want to try and take steps to protect your property against a claim for payment of nursing home fees? Subject to the value of your estate a simple step can help – sever the joint tenancy and make a new will.
If you make a Will it can result in savings of inheritance tax and possibly assist with protection of family assets not only in the context of the threat of nursing home fees but also unfortunate events in the family eg divorce, incapacity, bankruptcy. Do you want to give someone a right of residence in your property?
Many older people live together and are not married; it is no good thinking everything will go to that partner of many years.
Everyone can save family members worry at a time of bereavement and possible avoid unfortunate consequences by taking the simple step of making a Will.