5 Reasons to Make or Update Your Will
1. Decide who Inherits
This is the most obvious reason to make a will. You can decide who gets what. You can make specific gifts of cash and items to particular beneficiaries or have everything split up equally amongst a group of named individuals. If you don’t make a valid Will then the rules of Intestacy decide who inherits your estate. This could mean someone, that you don’t want to, benefits from your death.
2. Decide who administers your estate
You can name executors (we recommend naming at least two) who will have the legal responsibility to administer your estate. This will involve paying your debts, funeral and testamentary expenses and distributing the assets amongst the beneficiaries. This can be a difficult job so you should think long and hard about who you select. You can name us as one of your executors which may give you some peace of mind.
3. Make sure your unmarried partner is provided for
If you and your partner are unmarried and you were to die without making a Will your partner will not automatically be entitled to share in your estate, whereas a spouse or civil partner would be entitled to the whole estate. Therefore if you wish to protect your unmarried partner (and vice versa) then you should think about making a will immediately.
4. New Kids
Having new children means you should update your will and make sure they are provided for. If not they may have to apply to the court to gain entitlement to a portion of your assets. This could add to their grief at, what will already be, a difficult. You can also nominate people to care for any children under the age of 18 until they reach adulthood.
5. Marriage or Divorce
These are life-changing circumstances. Getting married will immediately invalidate your will, therefore you should always make a new one after getting hitched. Conversely getting divorced does not automatically revoke your will so you can’t stand the thought of your ex benefitting from your death then you may wish to rip it up and start over.
If you have gone through any big changes in your life recently and are considering making or updating your will please give us a call on 02891 817715, or contact our estates team by email at estates@boydricesolicitors.com.
