When making your new year resolutions for this year, did you consider making or updating your Will? Many people have good intentions of making their Will but put it off in the midst of other distractions. Creating a Will is an important step you can take for future planning.
Why Make a Will?
A Will is particularly important when you want to:
- Provide for your spouse/partner
- Provide for your children
- Appoint legal guardians to care for your underage children
- Make gifts to charity
Compared to twenty years ago, family structures are now more diverse. Your Will can be a helpful way to benefit all your family. An example would be a second marriage where you have children from a previous relationship. You can provide for your new spouse whilst also still seeking to protect your estate for your children.
You can also look at protecting your property from care home fees if you were to go into a residential care home in the future.
A Will is also an effective opportunity to consider tax planning particularly for inheritance tax purposes.
What if I do not make a Will?
Many people assume that their spouse will automatically receive the whole of their estate. However, this may not be the case depending on the value of your estate. The Law of Intestacy will apply and your estate will be divided according to fixed rules.
This may mean your spouse does not receive your whole estate when you may wish for them to, or that your children or stepchildren may not receive part of your estate. If you are living with your partner and are not married or civil partners, they will not receive anything from your estate unless you prepare a Will benefitting them.
‘DIY’ Wills
Some people are tempted to prepare their own Wills. Whilst a Will can seem a simple document to prepare, there are a number of pitfalls that can easily be fallen into. Unfortunately, these may not come too light until it is too late which may cause difficulties for those left behind.
Reviewing/updating your Will:
You should review your Will at crucial life events such as marriage, divorce, separation, births, and deaths to ensure it still accurately reflects your wishes.
If you wish to prepare or update your Will, please contact a member of our Private Client team on 01495 222214 or 01685 885500 for more information.
