It is always better to have a Will in place. It does not matter how much your estate is worth. By having a Will, you can ensure that your wishes are reflected when your estate is dealt with.
If you have a Will you can specify who you want to be legally responsible to deal with your estate, so that you can be sure that your estate passes to who you would like it to. In your Will you can also include your funeral wishes, make gifts of personal possessions, make cash lump sum gifts, and ultimately determine how the remainder of your estate should be divided.
If you have young children, then you can set out who you would want to look after your children whilst they are under 18. If you have a family business, you are concerned about how your estate will impact the cost of care for your surviving spouse, or if you’re concerned about your beneficiaries receiving a large inheritance, then you can include terms that cater for each of these scenarios.
If there are people that you do not want to inherit from your estate, or if you want to leave some or all of your estate to charity, then your Will deal with these wishes also.