Have you Made a Will?
Making a Will is something that many people think about, but never get around to doing. You might feel that making a Will is only for the elderly, but the reality is that nobody can predict what life will bring. If you want to ensure that your loved ones are looked after, the importance of making a Will cannot be underestimated.
If a person dies without making a Will they are said to have died “intestate”, and their property is distributed to certain blood relatives in accordance with the rules of intestacy. In many circumstances, this may go against what the deceased person would have wished. For example, the rules of intestacy make no provision for cohabitees, even if you have lived together for many years. Even if you are married or in a civil partnership, the rules of intestacy do not necessarily mean that your spouse or civil partner will inherit the whole of your estate.
Making a Will is even more important if you have children, to ensure that they are properly looked after in the event that both parents pass away whilst the child is still under 18. In your Will you can appoint guardians to look after your children, and also appoint executors, who are responsible for dealing with your estate and looking after the financial side of things until your children reach 18, or later if you feel that 18 is too young to take on such responsibility.
If you have already made a Will, you should review your Will at least every five years. Major life change such as getting separated, married or divorced, having a child or moving house may have an effect on the terms of your Will, and also your wishes may have changed as a result.
For more information about making a Will contact a member of our Private Client Team.