Getting Your Affairs In Order - Wills

The past few months has shown – perhaps more than ever – that is it vital to ensure that your affairs are in order. This article is the first in a series by our Wills, Estates and Powers of Attorneys Team which looks at ways you can put your personal affairs in order.

Whilst many people do not want to accept that death is inevitable, arguably the most important document of one’s lifetime is their Will.

A Will is a document that lets you decide who will benefit from your estate on your death. It is often seen as a chore or a ‘job for tomorrow’ but the reality is that putting a Will in place can often be incredibly easy.

Having a Will in place and planning properly for your death can reduce the stress on your family at a time that will already be emotional and distressing. Setting out clear wishes in a validly executed Will can be a comfort to your family at a time they need it the most.

It is important to bear in mind that if you die without having a valid Will in place then you will be deemed to have died intestate and the intestacy rules will apply. These rules determine how your estate is divided and your intended beneficiaries may not inherit at all. For example, the intestacy rules do not provide for an unmarried partner to inherit, which can leave surviving partners in tremendous difficulty both from a financial and personal perspective.

The sad reality is that nobody is immune from death and it is our view that everyone should have a Will in place. Given the lack of protection in place for unmarried cohabiting couples under the intestacy rules, however, it is especially important for younger unmarried couples to address this issue, as set out in Tessa Bonser’s article here.

Similarly, where a young couple have a child/children it is vital to make a Will appointing guardian(s), as this ensures that someone will have legal responsibility to care for them in the event of an unexpected death.

Additionally, where an estate is large and complex, and potentially includes numerous properties and / or a business interest for example, we would recommend putting a Will in place to ensure the whole estate is disposed of and disposed in a tax efficient manner.

We appreciate that our clients’ circumstances may change with time and as such we ask our clients to review their Will every few years (or if there has been a significant change in circumstances) to ensure that their Will still accurately reflects their wishes.

Significant changes in one’s life includes getting married and; though not a time one would usually consider their Will, we would urge clients to do so given that the effect of marriage is usually to revoke any existing Will you have in place.

As always, we are here and available to assist our clients and continue to take instructions via different mediums including face-to-face meetings or video conferences. If you have any queries regarding this article then please do not hesitate to contact the Wills, Estates and Powers of Attorney Team on 01603 610911 or email us here.

Our next article in this series will cover equally important documents: Lasting Powers of Attorney.

Note: The content of this article is for general information only and does not constitute legal advice. Specific legal advice should be taken in any specific circumstance.