Wills

A will can:

• Streamline the posthumous administration of your estate, saving you time and expenses.
• Enable you to provide for unmarried partners, friends, or charitable organisations.
• Enable you to provide for unmarried partners, friends, or charitable organisations.
• Prevent individuals who may be entitled to inherit under statutory legacy rules, such as separated spouses or certain family members, from receiving a share of your estate.
• Assist in mitigating the effects of inheritance tax and care fees on your estate.
• Empower you to appoint guardians for your children.

For parents with young children, maintaining an updated will is of utmost importance. It enables parents to explicitly designate guardians for their children in the event that both parents pass away while the children are still minors. 

Additionally, having a will ensures that children are provided for financially. Without a will, if eligible, children will inherit at the age of 18. However, inheriting a significant sum of money at such a young age can sometimes have negative consequences. To mitigate this, a will can delay the inheritance beyond the age of 18 or place it into a trust. This grants appointed trustees the authority to make decisions regarding the utilisation of the inheritance.

To ensure the continued effectiveness of your will, it is recommended to review it every 3 to 5 years, particularly when significant changes occur in your circumstances, both financial and personal. It’s important to note that modifications in the law can also impact the validity of your will, underscoring the need for regular review. 

It is worth noting that marriage invalidates an existing will, making it crucial to review and update your will when necessary.

It is advisable to review your will after significant life events such as acquiring new assets (e.g., purchasing property), having children, getting married or divorced, or experiencing the loss of someone named in your will. This ensures that your will accurately reflects your wishes and safeguards your assets.

It is essential to review your will if:

• Someone mentioned in your Will has died
• You get married or a civil partnership begins, because this revokes any previous Will.
• Unless the intention of marriage to that particular person was stated in the Will
• You get divorced or separate – after getting divorced your Will is still valid. It will automatically remove your former spouse/civil partner from your Will
• You separate from your spouse or civil partner. Separation will not affect your Will, so gifts to your spouse or civil partner will still be valid.
• You have children – having children does not revoke your Will, neither does it mean that they will automatically be provided for.
• The value of your personal wealth changes significantly.
• The personal circumstances of any of your beneficiaries change. For example if one of your beneficiaries is in the process of a divorce or dissolution, or in financial difficulty.
• You want to protect your assets from care fees.
• You sell or get rid of a particular asset which is subject to a gift in your Will. For example a car or house.