Most people simply put off making a Will, thinking that they still have plenty of time to make one, while others believe that their estate will go to the people they love most – perhaps the girlfriend they’ve lived with happily for the past 20 years… The truth is, not having a Will in place will more likely leave your loved ones with financial stress than financial freedom.
If you die without a Will – or intestate – it will be down to the Intestacy Rules to determine who receives your estate.
Only married or civil partners (and some close relatives) will automatically inherit certain assets under the rules of intestacy. So, if you don’t make a Will, any other people close to you – including unmarried partners – could be left out.
Some people decide not to leave a Will as they don’t have any close relatives – then, unless any relatives can be located, their assets are passed to the Crown… Given the option, it is likely that most of us would rather our funds went to a close friend or a charity.
While making a Will means that you avoid intestacy and makes sure those you care about receive your estate, a Will isn’t just about saying who you would like to leave your money to. You can also use it as a way of documenting some of your other wishes too. If you have children under the age of 18, you could include provision for who would care for them if you (and possibly your partner) die. You can also include any particular wishes you might have about how you would like your children to be brought up.
You might want to include some notes about your funeral arrangements in your Will – the type of funeral you’d like and where any donations to charity might be sent.
A Will is also a chance to appoint executors – people you know and trust – to oversee your financial wishes after your death.
While there are plenty of online sites offering free Wills – there are many reasons why it’s much more sensible to have your Will drawn up legally by a solicitor. Not only will it be legally binding and less likely to be contested afterwards, but it can also be written to help mitigate the amount of Inheritance Tax payable on your estate. A solicitor will be able to advise you on the use of trusts in your Will – perhaps to hold funds for a child until they reach a certain age.
Once you’ve written your Will, it’s also important to keep it up-to-date, altering it if anything significant happens in your life, such a change of relationship or your financial circumstances.
