REASONS TO MAKE OR REVIEW YOUR WILL.
Careful preparation for end of life is required to provide peace of mind for yourself and your loved ones, that your wishes will be respected after you have gone. A Will clarifies what happens to your assets after you die, who will receive what, when they will get it and it can also include details on how these assets are managed. If you do not make a Will, your property will be shared out according to certain rules. These are the rules of intestacy, and they may not give you the result that you would wish for. A properly drafted Will ensures that any gifts you wish to leave are given to the correct beneficiary. Without a Will, it may be legally necessary to sell items or could even lead to a family dispute.
With more unmarried couples living together, it is important to ensure that your partner will not be at risk should you die without a Will. The issue here is that the Intestacy Rules do not provide for cohabitees. These relationships do not have legal recognition and a ‘common-law’ partner has no automatic right to your possessions following your death. We can help tailor your Will to suit you.
Have you recently reviewed your will?
Not only should you make a Will, it is important to review your Will regularly and ensure it still reflects your wishes.
What could need to be updated?
- Changes in your relationship or family deaths:
If you have had further children or grandchildren, then you may wish to change or update your Will accordingly. If you have married, remarried or registered a civil partnership then your Will is void. If you have got divorced since you last signed a Will, your Will is not void, however your ex partner will not usually be able to claim anything after you have gone. You should consider making changes to your Will however as ex-partners can contest Wills if they are still mentioned in them and this way it can avoid disputes.
- Changes in assets:
If you no longer have the assets previously gifted in your Will or you own new ones since your Will was made, a new Will should be made.
- Your Spouse passes away:
If a spouse were to pre-decease you, you may wish for your assets to go to another relative. You may also wish to distribute your assets in a different manner.