How to make your Will
If you die without having made a Will there are set rules about who will inherit your estate and these are called the rules of “intestacy”. Unless you make a Will your wishes will not be taken into account.
It is important for anyone who has any assets or property to make a will and as well as making sure that your wishes are followed it will make the administration of your estate easier to deal with.
Some of the main reasons people choose to make a will are:-
- Unmarried partners can only benefit from your estate if you make a will;
- To make sure that assets are looked after in trust for young children or vulnerable beneficiaries;
- Guardian’s for young children can be appointed in your Will;
- Tax planning;
- Appointing executors – these are the people that will administer your estate and carry out the wishes in your will;
- To make gifts to charities, friends or family who would not inherit under the rules of intestacy.
As well as making a will it is important to review your will to make sure that it continues to reflect your wishes, particularly following a change of circumstances such as marriage, divorce, the birth of a child or changes in your assets.
It is important to ensure that your will is professionally prepared as any errors in the will itself are unlikely to be detected until it is too late. In addition there may be assets that pass outside of your will and a professional adviser will be able to explain when this might happen. Although you can prepare a will yourself there is no guarantee that it will do what you want it to and professional advice should always be sought to make sure that your will is effective.