Why do you need a Will?
- You need a Will to ensure your assets are distributed in accordance with your wishes. If you die without a will (dying intestate) your assets will be distributed in accordance with the Administration Act 1969 which may not be what you want.
- To appoint testamentary guardians for infant children;
- To appoint people you trust as the executors of your estate. The executors’ role is to carry out the wishes recorded in your Will. These wishes can include special instructions with regard to your funeral, specific bequests such as cash payments and/or jewellery to particular family members.
- To ensure that your children (and grandchildren) in their infancy are well provided for.
When should you review or update your Will?
- Ideally you should review your Will approximately every five years. That is not to say that your Will may need any changes but it does mean that you can refresh your memory as to what you have included in your Will and consider whether any changes are necessary;
- On life changing events such as separating from your spouse or partner, getting married or having a child. Your previous Will becomes invalid on marriage so it is very important to make a new Will at this time. If you separate from your partner or spouse your existing Will does continue until such time as you have a legal document in place recording your separation.
- If you have sold an item that is recorded in your Will.
Don’t let the law decide how your assets will be distributed on your death. It is a difficult time when family members die and if the deceased has left a valid Will it does make it a little easier.
If you would like to sit down and discuss a new Will or a review of your existing Will with one of our specialist lawyers contact Joanne Davies.