A Will is an important legal document that sets out your wishes in the event of your death. Often the thought of making a Will is daunting.
Making a Will is essential and is the only way of ensuring that your wishes will be fulfilled. A Will enables you to decide what happens to your estate, who will benefit from your estate, who will look after your children, allows you to make gifts to friends or charities and enables you to choose who will deal with your estate administration.
By making a Will you will also be aware of any potential inheritance tax implications of your estate.
If you have already made a Will you should consider reviewing your Will regularly to ensure it is up to date. There are many changes throughout our lives, for example, marriage, having children or grandchildren, possibly divorce or moving house, that may affect the provisions of a Will. Making sure your Will is up to date is essential in ensuring your wishes are fulfilled.
If you don’t have a Will your estate will be distributed in accordance with statutory rules called the intestacy rules.
Your estate may not be distributed in accordance with your wishes. If you have a partner and are not married, or, have stepchildren they will not benefit from your estate under the intestacy rules. If you are married, your partner may not benefit from what you might have intended.
If you don’t have a Will and have children who are under the age of 18, or who may not be able to look after themselves, there may be uncertainty as to who will look after them both in respect of Guardians and their financial wellbeing.
We can advise you as to the best approach of making your Will considering your individual circumstances and requirements.