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A will allows you to dictate what happens to your assets, how they are divided, and who will look after your children; it gives you peace of mind that your affairs are in order when you die. If you do not make a will, the law will decide who inherits your estate. Thus, if you want to make specific provisions for family, friends and/or charities, make a will!
The law still does not recognise unmarried or co-habiting partners who live together as having the same rights as a husband and wife or civil partners. Consequently, despite the length of your relationship, your partner will not receive anything from your estate if you do not have a will, and vice-versa.
A will is also vital if you have children or dependants such as an elderly parent who you may support financially. Without a will, uncertainty may arise regarding who will look after your children/dependants and whether they will have financial provision after your death.
Specific gifts and cash legacies- Your will allows you to leave certain items to friends and family, or to leave a sum of money to a person or organisation, such as a charity.
Equity release allows UK homeowners aged 55 and above to access their property wealth as tax-free cash, secured against the value of their home. The amount of equity you could release will depend on your age and the total value of your home. This tax-free cash can be taken as a lump sum or as an initial lump sum then releasing smaller amounts when needed (subject to minimum amounts).
As with many products, equity release has its drawbacks. For instance, it is a loan secured against the value of your property, which means it will need to be paid back when on death of the last borrower, or when the last borrower moves into long-term residential care. The value of your estate will be reduced as a result of equity release. Below you can find some other considerations.