A Will is one of the most important documents that you will sign during your lifetime, however, making your Will does not need to be a daunting task. A Will is not just about who is to inherit your money, it is also about protection for your family.
Your Will is a legal document which outlines what you would like to happen to everything you own (known as your ‘Estate’) once you pass away. Those responsible for distributing your Estate are (usually family members/ close friends) known as your ‘Executors’.
Your Will is also used to document other important decisions you have in mind such as funeral wishes, setting up protective trusts, leaving specific people out of your Will and naming Legal Guardians to look after your children (under 18) should they become orphaned, preventing them being taken into care. This makes your Will one of the most important documents you will ever sign in your lifetime.
Without a Will (intestate)
If you do not have a Will (or it cannot be found) when you pass away, your Estate will be distributed by the standard Government rules known as the ‘Line of Intestacy’. This may not be the way you want your Estate distributed, as the wrong people may benefit!
Updating your Will
We recommend reviewing your Will every three years due to change in circumstances, i.e. marriage, children, grandchildren, divorce etc. Did you know that marriage revokes a Will? If you marry someone after making your Will you will need to make a new one, unless you have put the relevant clause in the Will to protect against this.
If you feel you need to update your Will or would like more information on this, please call us today. If you feel your circumstances haven’t changed and that your Will is fine, then there is simply no need to update it.