There are many reasons why you should make a Will; some of the most important are listed below.
If you don’t make a Will, there is every chance that you have spent your life working hard to provide for your loved ones, or accumulate savings or investments, but then in the event of your death, your estate (your belongings/assets) may pass under the Laws of Intestacy to someone that you might not wish to benefit.
Some important points to consider:
Do you have children?
If you have children, you should make a Will to name the people you would trust to be named as Guardians to your children in the event of your death.
Have you recently become grandparents?
Would you like to ensure that your grandchildren receive a gift from you in the event of your death?
Do you own property? Do you have savings or investments?
If you own property, have savings or investments, then you should make a Will to ensure these assets pass to the people of your choosing in the event of your death.
Do you live with a partner but have chosen not to marry?
If you die without a valid Will, the ‘Laws of Intestacy’ will divide your estate in a pre-determined way and therefore even if you live with someone; they may not automatically inherit your estate. Under the eyes of the Law there is no such thing as a “common law spouse”. By simply cohabiting, that person is not automatically entitled to anything from your estate, and you therefore need to be specific in your Will to allow them to benefit.
Who should look after your affairs in the event of your death?
A will allows you to name the person that you would feel confident in dealing with your estate rather than the law dictating who can be in control of administering your estate.
Are you in a second marriage?
By taking advice and making a Will, you can ensure that you look after or provide for children from an earlier relationship whilst still protecting your new spouse.
Contact one of our Wills & Probate team today to discuss your Will. Call on 024 7655 5400 or email enquiry@wardrider.co.uk
