A Will is a legal document, and making a Will is important for your own peace of mind. It sets out who you would like to deal with your estate and how you would like your assets (i.e. property, money and belongings etc.) distributed after you die. A Will should be reviewed every three to five years to ensure that it will take effect as you intend, or if your circumstances change. This is particularly important if you marry, divorce, re-marry, have children, or buy a house.
When should you make a Will?
The decision is down to each individual, but it is recommended to write a Will as soon as possible. While this may seem like a daunting process, it's a really important life document that will implement your wishes when the time comes. You can legally make a Will at the age of 18 but people usually write a Will when a key milestone in life is reached. Some key milestones would include:-
- If you have any kind of wealth or property
- Buying a house
- Getting married / re-married
- Divorce
- Having children
- If you are unmarried but wish for your partner to inherit from your estate
Why should you make a Will and what should you include
Creating a Will is crucial if you want to make sure family, friends and your property are taken care of when you die. This is your opportunity to bequeath items to people you love or leave a gift to a charity you support. Making a Will gives you control and allows you to have peace of mind.
Reasons for making a Will include:-
- To ensure that your children are provided for and to name your chosen guardians for any minor children
- To protect a partner if you are unmarried
- To provide for any dependants
- To safeguard your family home
- To mitigate the possibility of family arguments and disputes
- To avoid paying more inheritance tax than you need to
You can include as much or as little as you like in your Will, but it is best to include your wishes in as much detail as possible. It is important to include:-
- Any funeral wishes you might have
- Who you would like to act as your Executors (the people of your choice responsible for ensuring that your estate is distributed in accordance with your wishes)
- Who you wish to be guardians of any minor children
- Who are to be the beneficiaries of your estate and what should happen if any of them die before you
You can also leave specific sums of money or specific items to beneficiaries in your Will.
What happens if you do not have a Will
If you die without having a Will in place, your estate will be dealt with in accordance with the Rules of Intestacy. These Rules can apply in an arbitrary manner, and this may not be in the way in which you would like. Some issues which can arise from not having a Will are:-
- Your estate may not be divided in the way you wished.
- Family members who you would not have included in your Will, inheriting from your estate.
- If you are unmarried, the Rules do not include any provision for a partner, even if you live together. If you are unmarried and have children, your children will inherit everything automatically and your partner will inherit nothing from your estate.
- A large part of your estate could end up being liable to inheritance tax.
- Can cause family fall outs and breakdowns in relationships.
While it is not a legal requirement to have a Will, the above highlights why this is such an important document and why you should think about creating a Will as soon as possible. If creating a Will is something you are currently thinking about, but don't know how to get started, seeking legal advice is the best way to ensure your assets, family and friends are taken care off when you are gone.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.