The Importance of Making a Will

By April Newton, ASSOCIATE SOLICITOR, GLANVILLES DAMANT

For expert advice in reviewing your will contact Glanvilles on 01983 527878 or visit gdlegalservices.co.uk

Have you made any New Year’s resolutions? If so, was making a Will one of them? Only four in ten UK adults have a Will. But why is it so important to have one? A Will is a legal document that allows you to pass on your possessions to benefit others after your death, giving you control over what happens to your money, possessions, and property after you die. Many people often assume their possessions will simply pass automatically to their spouse or children and consequently don’t make any plans for the future after they are gone. If you die without having made a Will, the intestacy rules apply and may not reflect your wishes. Therefore, the only certain way to ensure that your wishes are put into effect is by making a Will. Under the intestacy rules your whole estate will not necessarily all pass to your spouse. Although it is increasingly common for partners to live together without marrying or entering into a Civil Partnership, at present the intestacy rules do not recognise these arrangements. Therefore, if you live with your partner and die without having made a Will, your partner will not automatically inherit any of your estate, and would have to make a claim on your estate. Family arrangements are also becoming more complex. If you have children from a previous relationship, you can use a Will to protect assets for those children. A Will can also be used to protect assets against future care fees. A trust can protect your capital for your children or other beneficiaries whilst allowing your spouse to remain in the family home and benefit from the income from any other capital. What if you wish to leave gifts to charities or other organisations? Again, under the intestacy rules, this will not happen, and so the only way to make sure your chosen causes do benefit is to make a Will. Everyone’s situation is unique, and the best way to ensure your wishes are in place is to seek professional legal advice.