Most people see making a Will as something to leave until later in life, or they put it off assuming that it’s an expensive process to go through. There is no need to put it off any more.
A Last Will and Testimony is the only way to ensure your wishes are carried out and your estate passes on to future generations in the way that you intend. No one likes to think about what will happen when they die, and it is estimated that around two thirds of people in the UK die without having made a valid Will.
Writing a Will is easy and ensures that your family avoids unnecessary legal and financial problems at a difficult time. There are many things to consider when writing a Will, and although it is possible to write your own, this isn't usually advisable, as even a small mistake could result in the Will being invalid. It is best to enlist the help of a specialist, to ensure that all the necessary legal formalities are observed that will make your Will legally valid. Seeking expert advice can also help you minimise the portion of your estate that is paid as Inheritance Tax on your death.
If you die leaving no valid Will your estate will be divided in accordance with the Laws of Intestacy and can lead to problems. The consequences for unmarried partners, especially when there are children involved. Intestacy laws also stipulate that if you have no relatives your estate will pass directly to the Crown.
If you have not made a Will or nominated Guardians for your children then the courts are responsible for deciding who will look after them if you pass away.
Making a Will enables you to decide these things, and other important matters such as your funeral arrangements or who will look after your much-loved pet.
This can give you peace of mind about what will happen after you die. Often people do not make a Will because they are daunted by the legal jargon that surrounds the process. Making a will is one of the most important things you can do to help ensure your estate is passed on in accordance with your wishes. It is important that you review your Last Will and Testimony regularly to ensure that it reflects your current wishes and takes into account changes in both your own circumstances and those of your intended beneficiaries. A birth in the family, marriage, bereavement, divorce or separation as well as changes in financial circumstances may require changes to be made.
Read our blog about how to prevent your List Will and Testimony being challenging, for more specific help and to talk through you options, call our team of expert advisers today
Please note this service is not regulated by the FCA