Too many of us don’t have a Will – in fact only one out of three adults in the UK has one. Everyone should have a Will, particularly if you have children, own a property or business or have significant savings and investments. Having a valid Will is the best way to ensure your loved ones are looked after in the way you want after your death.
Your life is always changing and so should your Will. Whether it’s a change in financial circumstances, buying a new home, getting married, having children or grand-children or getting divorced, it’s important to review your Will regularly to make sure it reflects these changes.
Many of our clients have complex financial structures; they often own businesses or numerous properties, have significant pensions and savings or have complex family structures. We work with them to make sure their Will is drafted correctly so their estate is passed down to the right people after they die.
A Will is a legal document that makes sure your assets (such as property, cash, savings, and possessions) are left to the right people (beneficiaries) when you are gone. It is the best way to guarantee that your family is supported financially and provided for in the way you want.
Many people mistakenly believe that if you do not have a Will, your spouse will automatically inherit but this isn’t always the case. Equally, if you aren’t married, are in a civil partnership or have step-children, they may receive nothing unless you make a Will.
If you make a Will, you can:
- make sure your family is provided for in the way you want
- provide for your unmarried partner and anyone else you choose, including charities
- appoint guardians of your choice who will care for any children until they are 18
- defer a child’s inheritance until after age 18 and choose trustees to look after their interests
- reduce the tax your estate will have to pay by careful drafting of the Will.
If you die without a valid Will, intestacy rules apply and your estate may pass to someone you don’t want to benefit.