It is easy to put off making a Will. For some, it can feel like something to think about “later in life”, while others may believe that they do not have enough assets for a Will to be necessary.
However, a Will is not simply about deciding who should inherit your wealth. It is an important opportunity to make your wishes clear, protect the people you care about and ensure that your affairs are dealt with in the way you intend.
Recent research commissioned by Will Aid highlights just how common it is for people to delay making or reviewing a Will. The research found that 57% of those surveyed had never made a Will, while a further 10% had a Will that no longer reflected their circumstances or wishes.
What happens if you do not have a Will?
If you die without a valid Will, you are said to have died intestate. Your estate will then be distributed according to the Intestacy Rules.
These rules do not necessarily reflect what you would have chosen.
For example, you may wish to leave particular assets or sentimental possessions to specific people, make provision for someone who depends on you, or leave a gift to charity. Without a Will, you cannot specify these wishes.
This can be particularly important for unmarried couples, blended families and those with children from previous relationships, where the intestacy rules may not provide the outcome you would have wanted.
Making a Will gives you greater control over what happens to your estate.
A Will is not just about money
You do not need to consider yourself wealthy to benefit from having a Will.
Your estate could include your home, savings and investments, but it may also include personal possessions that have significant sentimental value. Jewellery, family heirlooms, photographs and other belongings may be important to you and your family, regardless of their financial value.
A Will can also allow you to make your wishes known about who should benefit from your estate and how certain assets should be dealt with.
For parents, there are additional considerations. A Will can provide an opportunity to appoint guardians for minor children and to make arrangements for assets passing to children. These decisions can provide valuable reassurance that appropriate arrangements are in place for your family.
Your circumstances can change
A Will should not simply be made and forgotten about. Your Will should continue to reflect your circumstances and wishes as your life changes.
It may be appropriate to review your Will following significant life events such as:
- marriage or entering into a civil partnership;
- divorce or separation;
- the birth or adoption of a child;
- the death of a beneficiary or executor;
- buying or selling a property;
- receiving an inheritance; or
- significant changes to your financial or family circumstances.
Even if nothing significant has changed, it is sensible to review your Will periodically to ensure it still reflects your intentions.
How can a Private Client help?
Making a Will may appear straightforward, but the decisions involved can have significant consequences.
As Private Client solicitors, we can take the time to understand your personal and family circumstances, explain the options available to you and advise on how your wishes can best be reflected in your Will.
Depending on your circumstances, this may include advice on:
- who you wish to benefit from your estate
- appointing executors and guardians
- protecting vulnerable or financially dependent beneficiaries
- trusts and other provisions for beneficiaries
- inheritance tax and estate planning
- business and agricultural assets; and
- how your wider estate planning should work alongside your Will.
We can also help you review an existing Will to establish whether it still meets your needs and advise where changes may be appropriate.
Take the opportunity to put your affairs in order
Thinking about what will happen after your death may not be easy, but making a Will can provide clarity and reassurance for both you and your loved ones.
Whether your circumstances are straightforward or more complex, professional advice can help ensure that your wishes are properly considered and your Will is drafted to achieve your intended outcome.
If you do not have a Will, or if your existing Will no longer reflects your circumstances, our Private Client team would be pleased to discuss your requirements and advise you on the steps you can take to put appropriate arrangements in place.
For advice tailored to your circumstances, contact your local office today on 0800 011 1195 or email .
More information
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