We understand that many people put off the often difficult task of future planning, and speaking with your loved ones regarding life after death is not necessarily the top of your conversation list. However it’s an important discussion to have, as ultimately, you should be the one to decide where your assets and belongings go to when you’re no longer here. The information below takes you through the essential and possible reasons for making a will.
Essential Reasons:
- When a person dies without leaving a valid will, their property and assets must be distributed according to certain rules; these are called the rules of intestacy. Making a will, will ensure your estate is inherited by your spouse, avoiding them being distributed in accordance to those intestacy rules.
- To ensure that those you wish to inherit your assets on your death actually receive them.
- To nominate executors of your choice who will deal with the distribution of your estate, in the knowledge that they will comply with your wishes.
- To nominate your preferred guardians of your children, to avoid disagreements or family upsets.
- To take advantage of tax saving strategies and also make small personal gifts to others.
Circumstantial Reasons:
- To ensure the continuation of a family business.
- To ensure that ‘first’ and ‘second’ families are treated fairly.
- To explain why a possible beneficiary is being excluded.
- To give specific guidance to executors.
Things to Remember
On marriage (or remarriage), any existing will is automatically revoked and has no effect. If you die without making a new will, your estate will pass to a list of your relatives specified by law under the intestacy rules.
On divorce, any gift in your old will to your ex-spouse is cancelled, as is his/her appointment as Executor. However please note, the rest of the will still stands. This can cause all sorts of problems, which is why we advise that you make a new will after divorce.
If you are not making any provision for a spouse or partner, former spouse or partner or a child, it is possible that he/she could claim against your estate. If this applies to you, please seek additional advice from your solicitor.
Should you require further advice or wish to make an appointment to make a will, please contact our Private Client department on 01642 244666.
