The only way that you can be sure that, on your death, your assets pass to the people you choose is by making a will.

If you die without having made an effective will then you are said to have died ‘intestate’. The intestacy rules lay out a set order for inheritance which you can see by clicking here but will these achieve the outcome you want?

Did you know that an unmarried partner (sometimes called the ‘Common-law wife or husband’) will not be entitled to any part of your estate under the intestacy rules?  Or that a spouse or civil partner may not necessarily receive everything?

This can create a sense of unfairness which can lead to disagreements – and may result in expensive court action involving the estate.  Even if things do not get that far, the outcome may not be what you want and may cause all sorts of problems for those you leave behind.

Keep your will up-to-date

If you already have a will – when did you last check it for relevance?

Here are just some reasons why your will may need to be updated:-

• the people that you appointed as executors have died or are no longer able (or willing) to act
• some of the beneficiaries have died or have already had their intended gift.
• you intended that a specific gift be given to a beneficiary but you no longer own that asset – in which case the gift will fail
• you created a complicated tax-saving provision which is no longer necessary or appropriate
• you have divorced.  Did you know that your will could be made wholly ineffective if you appointed your spouse/civil partner as sole executor and sole beneficiary – and have since divorced or had the marriage annulled?  This is because your spouse /civil partner will be deemed to have died on the date of the dissolution or annulment
• you have married or entered into a civil partnership since your will was made.  The act of marriage or civil partnership revokes a will – unless it was specially prepared with that particular union in mind.
• You may be in a second marriage or civil partnership where you and/or your partner have children from previous marriages. You may also have children from your current marriage. This can raise problems when your expectation of where funds will go on the death of you and your partner is not matched by what the intestacy laws provide. Here a carefully-drafted will can be a huge help.

It is best to review your will every few years, or more regularly if your circumstances change radically. Some small changes can be made by codicil, whilst larger changes may call for the will to be entirely re-written.

Statutory Wills

If someone does not have the mental capacity to make a will, but should do so to better arrange their affairs – then an application can be made to the Court of Protection so that an appropriate will can be drawn up and put into effect for them.

The Cost of a Will

Probably not as much as you might think – and almost certainly worth the peace of mind.  Call us to obtain an estimate.