Having a relevant and up to date Will is the easiest and most cost-effective way of ensuring that your estate (including your property, possessions, money etc), is distributed how you wish on your death. It also ensures that grieving families can concentrate on supporting each other emotionally as opposed to spending time trying to ascertain what your wishes might have been and instructing lawyers.
A Will allows you to select Executors to administer your estate. They are responsible for making sure that any debts are paid and the remainder of your estate, known as the residue, is distributed in line with the wishes of your will.
Why Should You Make a Will?
In many situations, people make assumptions about how their estate will be distributed on their death and therefore don’t make a Will. We strongly advise against this as the ‘Intestacy Rules’ that come into play, in the event no will has been prepared, are very strict.
Having a Will is a good way of protecting children. Should the parents die prior to their eighteenth birthday, this is their opportunity to appoint a ‘Guardian’ to take care of their child(ren).
Making a Will is also particularly important if you are in a relationship, living together or if you have remarried and there are biological and/or step-children who should benefit from your estate. They won’t necessarily benefit under ‘Intestacy’ so you will need to make provisions for this.
If you should be separating from your partner or spouse, you should review any existing Will, or make a new Will, particularly if there are children involved. Divorce does not revoke a Will. The Will remains valid but no gifts to your former spouse take effect.
Why You Should Use a Solicitor to Create Your Will
Creating a Will yourself or through an online provider might look like a favourable option in terms of costs, however we’d strongly advise against this. Having a solicitor to draw up your Will means it is very flexible in terms of the Executors that are chosen, they are prepared in accordance with what you want, and then stored safely and securely. Lastly, and perhaps most importantly, the accuracy of the Will can be guaranteed. It is easy to make ambiguous statements or even errors when constructcing your own Will, which could lead to stress for a grieving family and even huge expense in correcting upon your death.
Goughs Solicitors have many years of experience to draw on in the preparation of wills.
The Private Client Team have worked with hundreds of clients over the years to ensure their families are well looked after on their death and that their wishes are acted upon as planned. For further information please click here to read our Making A Will Makes Sense Factsheet.
Further information including details on the ‘Intestacy Rules’ can be found by clicking here.
For absolute certainty that your instructions will be carried out in accordance with your wishes contact our Private Client team on 01225 762683 or email firstname.lastname@example.org