Making a Will is the only way that you can be certain your estate will pass to the people you want. It is believed that more than half of all UK adults have not made a Will, which means their estates will pass in accordance with the laws of intestacy.
Under the intestacy rules, an unmarried partner or step-children will not benefit and, depending on the value of your estate, your spouse might not inherit in its entirety.
However, by making a Will you can decide who will deal with your estate after you have gone (Executors). Executors can be family or friends or professionals. In addition, by making a will you can choose who will look after your children (Guardians) and specify what will happen to your estate, including any gifts which you would like to make. Gifts do not just have to be cash, but can also be specific items such as jewellery. You can also state at what age you would like younger beneficiaries to receive their inheritance.
A Will can also provide for different scenarios. For example, you can save Inheritance Tax with careful planning; legitimately plan to save on nursing home fees; set up a trust to protect and provide for future generations; and appoint people to manage your business after you have died.
It is worth bearing in mind that simply writing a Will may not provide you with the full control you desire. As such, if you already have a Will, you should regularly review it to ensure that it is up to date and is still relevant to your circumstances. If you get married after making a Will, your Will is automatically invalidated, and you would therefore need to make a new Will. If you are planning to get married, you can review your Will beforehand, and make your Will in contemplation of your marriage. You should also review your Will if you have children or if you get divorced. By making a Will you are making things easier for the family and friends you leave behind. Making a Will gives you peace of mind and ensures that your wishes are carried out.
