Why Should I Make A Will?

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Why should I make a Will? — one of the most important reasons is to ensure your loved ones are provided for and protected. A Will determines who will ultimately receive your worldly goods when you are gone. It is one of the most important documents that you will ever sign.

Without a Will, the “Rules of Intestacy” determine how your assets are distributed. It may mean that those you would have wanted to benefit either receive much less or nothing at all. For example, if you live with someone, they may not automatically inherit your estate, even if you are married.

Specifically, a Will allows you to:
• Choose which people or charities you wish to leave money or particular items to.
• Name people you trust to act as your Executors.
• Appoint guardians to look after your children.
• Minimise the impact of Inheritance Tax.
• Specify your funeral wishes.
• Ensure your business or farm succession.
• Use a Trust to preserve assets for future generations.

Preparing a Will does not always have to be a complex procedure, but there are certain steps that need to be taken to ensure that the Will is valid. Mistakes or lack of clarity can mean that your Will is invalid, and cause problems for your family and friends after your death. For this reason, it is a good idea to have a professionally trained solicitor make your Will, no matter how simple your Estate might be.

Wills should be reviewed at least every five years to ensure that they still adequately provide for your wishes. You should always update your Will after any significant change in your circumstances such as marriage, divorce, the birth of children, buying or selling property, or any other major life changes.

Charges for drawing up your Will can vary, depending on how complex your needs are. We offer a fixed rate for very simple Wills – contact us today for a personalised estimate.

Hopefully this article has answered your question “why should I make a Will”! Kim Simper, our Wills & Probate expert, has years of experience in Wills and Estate Planning, and can answer any further questions you might have.
• Find more information about the Rules of Intestacy on the Citizens Advice website
• Visit the Wills, Trust & Estate Planning page on our website.
• Contact Louise today for further advice