Why make a Will?
Most people don’t like to plan too far into the future or contemplate the inevitable. However, it is recognised that many of us would like to provide for our loved ones when we are not here. To ensure that this takes place you need a legal document called a Will. A Will stipulates what you would like to happen to your assets after your death. It is important that each and every one of us, over the age of eighteen, has an up to date Will that is legally binding.
You may well ask the question, “Is a Will really necessary?” Surely those of you with young children would feel at ease knowing that a Guardian has been appointed should anything happen to you or your partner? Maybe you would you like to make provision for a child, grandchild or spouse? Is there a specific age that you wish a child to inherit or does your estate total more than the current inheritance tax threshold? If so, would you like to find out how to minimise the impact of inheritance tax? If the answer is “yes” to any of these questions then it is imperative that a legally binding Will is prepared.
If you die without making a Will, then your estate will be administered in accordance with the rules of intestacy, which simply means that your estate will be divided up in accordance with the law. This could result in someone who you wanted to benefit from your estate, not being considered, and distant relatives, you don’t see, benefiting.
Surely I can draft a Will myself?
There are many home Will drafting kits which are readily available, on the market, for purchase. Those who have chosen to draft their own Will may believe that their wishes have been addressed, however, in some situations, this is not the case.
A piece of legislation called The Wills Act 1837 stipulates that a Will must be valid, and any ambiguity can lead to part or the whole of your estate being dealt with in accordance with the rules of intestacy. Therefore, it is imperative to seek proper independent legal advice before drafting a Will.
Other examples that can affect your Will include personal circumstances such as getting married or re-married, the registration of a civil partnership, divorce or separation or even additional children to the family.
Wills can help preserve assets!!
Finally, Wills are a good aid when you wish to preserve assets. For example, you may be aware of someone who has recently required nursing home care and has had to pay their care fees by selling their property.
A properly drafted Will can help preserve a person’s assets. If a property is owned by at least two people and the house is held as tenants in common, then a Will can ensure that part of their property can be held on trust for the person you wish to benefit.
Jennifer Carr - 2009
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