Why is it Important to have a Will?

From a private client solicitor’s perspective, one of the most important steps you can take to protect your family and your assets is to make sure you have a valid and up to date Will.

If you die without a Will, you are said to have died intestate. In these circumstances, the law determines who inherits your estate under the intestacy rules. This may mean that your assets do not pass to the people you would have chosen yourself. Depending on your circumstances, this can also create unnecessary complications, particularly where you have children, a blended family, a business, or significant assets.

A Will gives you the opportunity to decide who should inherit your estate and in what proportions. It also allows you to appoint Executors to administer your estate and, where appropriate, appoint guardians for children under the age of eighteen. Careful Will planning can therefore provide clarity and reassurance for you and your loved ones at what can otherwise be a difficult time.

Having a Will is not, however, a case of simply preparing one document and forgetting about it. Your circumstances can change considerably over the years. Marriage, divorce, separation, the birth of children or grandchildren, the death of a beneficiary or Executor, changes in your financial circumstances, or the acquisition or sale of property can all affect whether your Will still reflects your wishes.

We therefore recommend that you regularly review your Will to ensure that it continues to meet your requirements. As a general rule, you should consider reviewing your Will every few years and whenever there is a significant change in your personal or financial circumstances.

If you do not currently have a Will, or if your existing Will has not been reviewed for some time, we would be happy to assist. Our private client team can discuss your circumstances and wishes with you and advise on the most appropriate arrangements for your estate.

Taking the time to prepare and regularly review your Will now can help provide certainty for the future and ensure that your wishes are properly recorded.