This is a common question we hear and the answer is yes! We know that planning for a time when you aren’t around isn’t an easy thing to do and the need for a Will can often be overlooked but the truth is, everybody needs a Will, regardless of age or financial status.

By making a Will you can decide where you want your assets to go after you die. Without one, the Rules of Intestacy apply which means the law decides who gets your money without any regard for your wishes or those closest to you. The only way to ensure that your money and assets go where you would like them to go, is to make a Will.

Contrary to popular belief, there is no legal concept of “common law marriage” in terms of inheritance and unmarried partners are not provided for under the Rules of Intestacy. No matter the length of your relationship, if a cohabiting partner dies without a Will, the surviving partner does not have an automatic right to inherit any part of the Estate. This can cause a great deal of stress and aggravation at an already difficult time and of course can lead to tension between families.

Making a Will is your way of letting your loved ones know exactly what you want and is a way of protecting them when you are no longer here. You can set out exactly who gets what, including specific gifts of personal items and monetary gifts as well as gifts to charities and other causes that are important to you.

A Will can also help to minimise your inheritance tax liability by ensuring that all applicable exemptions and reliefs are utilised correctly so you know that your loved ones will get more of your money. We can talk through this with you and provide advice tailored to you.

It is also important to remember that even after you make a Will, you should review it regularly. Life changes and we do not know what the future holds. Your family may have grown and your assets may have changed so it is important to ensure that your Will continues to accurately reflect your wishes.

If you want to make a Will for the first time, or you would like to review your existing Will, then please get in touch and we would be happy to help.