It is in your own and your loved ones best interests to have a Will. By putting a Will in place, it provides you with peace of mind knowing that your money and personal belongings will pass to those who you choose to benefit.
Every adult should have a Will, whether rich or poor, male or female, single, married or with a Civil Partner. Here are just a few good reasons why:
Without a Will...
- We think our spouse/civil partner will automatically receive ALL of our estate, but they won’t!
- If you co-habit (ie. not married or you do not have a civil partner), under the laws of intestacy (dying without a Will) your partner will not receive anything from your estate.
- Guardianship of minor children can be uncertain.
- Children may inherit significant amounts of money at a time when they lack the necessary maturity to manage the same.
- You may want to specify a particular trusted individual to be an Executor. Such an individual will deal with the administration of your estate following your death.
- Your loved ones may be faced with a massive tax bill which it may have been possible to alleviate to a certain extent if a suitable will had been prepared.
- If you and your spouse are separated but not divorced (by decree absolute), unless you make a will to the contrary, they may inherit your estate.
- You can give great pleasure to people dear to you by leaving them keepsakes or small gifts.
Review Your Will Regularly
Once a will has been prepared it is important to keep it under review. The will you make today will become out of date as your circumstances and those of other people (who you choose to benefit) change. For example:
- You marry, which has the effect of cancelling any existing will (unless you expressly state that it is written with marriage in mind).
- You divorce, which will cancel any benefit for your former spouse.
- A beneficiary may die before you.
- There may be some births in the family e.g. more children, grandchildren.
- The assets that you own may increase or decrease.
- Changes in Inheritance Tax.
