Have you made a Will or is it up to date?

IF you die without a Will it can be a nightmare for those you leave behind and your estate may not pass to those you wished to benefit. Your estate would pass in accordance with the Intestacy Rules, which set out who will be entitled to inherit. If you have no living relatives and do not have a Will, your estate will pass to the Crown.

Why make a Will

A Will sets out who is to benefit from your money, property and possessions (your estate) after your death. There are many good reasons to make a Will including:

• You can decide what happens to your estate when you die.

• You may want to provide for your partner - some people think that after they have been living with their partner for a couple of years, they become ‘common law’ spouses with the same rights as married couples/ civil partners. This is not the case.

• You can appoint guardians for any children under the age of 18.

• If you have children from a previous relationship, you can ensure that those children also benefit from your estate, as well as providing for your partner or spouse and any other children.

• You can make sure you don’t pay more Inheritance Tax than is necessary.

• You can decide what should happen to pets.

• Property owned as ‘Joint tenants’ automatically passes to the surviving co-owner and you may want your share to pass to someone else instead, or pass it into a trust.

Although it is possible to write a Will yourself, it is advisable to use a qualified lawyer. Wills are legal documents and small errors can cause huge problems. There are various legal formalities that need to be followed and if these are not followed correctly, your Will may not be valid. Problems can not only be very costly but may also mean that your wishes are not met. A lawyer will be able to point out things that you may not have even considered and may be able to mitigate Inheritance Tax and potential care home costs.

Why Review your existing Will

If you already have a Will, you should review it regularly to make sure it still reflects your wishes. Reasons to review your Will may include: the arrival of new children/grandchildren; the death of a beneficiary, executor, trustee or guardian; a change in your financial circumstances or a change in the law or tax rules.

Many people don’t realise that entering into a marriage or civil partnership automatically revokes an existing Will (unless expressly made in contemplation of the marriage/civil partnership) and so you may think you have a valid will when in fact, you do not.

Benfield Legal is a friendly local company who specialise in Wills, Powers of Attorney, Probate and Estate Planning. Why not visit our website www.benfieldlegal.co.uk

Benfield Legal 01273 01 33 53 email info@benfieldlegal.co.uk