Wills

Why do I need a will?

Its important to make a will because:

• Should you die without a will, certain rules dictate how your money, property and possessions will be allocated. This may not be the way you’d wish your money and possessions to be distributed. The rules of intestacy govern who can inherit assets where there is no will. Simply put, if an estate is worth over £270,000, the husband, wife or civil partner will receive up to £270,000 in assets and half of the rest of the estate, along with all the personal possessions of the deceased. The children of the deceased are entitled to a share of the half of the estate above £270,000.
• Unmarried partners and partners who have not registered a civil partnership can’t inherit from each other unless you have made a will. If one of you dies, this could cause serious financial complications. Unmarried couples can jointly own their homes, and if they’re beneficial to joint tenants at the time of one of their deaths, then the other inherits their partner’s share. If they’re tenants in common, then the other partner doesn’t automatically inherit the other’s share.
• If you have children, you need to make a will so you can protect your wishes for their future care. You may need to name a guardian(s) for your children in the event of your death or the deaths of both parents.
• It may be possible to reduce the amount of tax payable on the inheritance if advice is taken in advance and a will is made.

Remember to keep your will up-to-date and consider any changes to your circumstances, such as separation, divorce, additional children or a lack of mental capacity. We recommend you review your will every five years or if there are significant changes in your circumstances.

Be aware that marriage automatically revokes a will. So, if you’re entering or have entered a second marriage and have previously made a will leaving your estate to your children, then this will is automatically revoked and your partner will inherit. We can help you ensure your estate goes to the beneficiaries you wish to benefit.

A scary thought for some is that divorce doesn’t automatically revoke a will. So, if you’re getting divorced (or have been previously divorced) or are separated from your partner, you should correctly update your will so your ex-spouse doesn’t inherit your estate.

Contact our wills, trust and probate solicitors today

No one wants to think about leaving our family and saying goodbye to loved ones, but it’s vital for you to have a valid Will detailing your wishes. It will ensure you’re happy with how your possessions will be distributed and take away extra stress from your loved ones at an emotionally challenging time.

Don’t put off making a Will. Do it today. Our expert Wills, Trusts and Probate Solicitors can help you make a Will that is completely personal to your needs.