The recent BBC TV series “You Can’t Take It with You” has highlighted how important it is for everyone to consider making or updating a Will, no matter how large or small you consider your estate to be.

Contrary to popular belief, making a Will can be a quick and easy process provided you seek the right advice.   Sadly many people put off for fear of dealing with the decisions surrounding making a Will which has resulted in more than half of the population of England and Wales dying without having made a Will.

The single most important reason for making a Will is that it is the only way to ensure that your estate is distributed in the way in which you want it to be distributed. Sadly it is commonplace for arguments to arise within families upon the death of a loved one. Making a Will which clearly sets out your wishes can often prevent such disputes, or at least go some way to resolving them.

Reasons for making a Will or updating your old one:

•  If you do not make a Will you are said to die intestate and your estate will pass according to the rules of intestacy. There is a common misconception that everything will go to a spouse anyway. This is not always the case!
• If you are unmarried and living with a partner, then it is vital to ensure that you have a Will. The law does not recognise common law partners and on intestacy your partner will be left with nothing. This may mean they have to make a claim in the courts.
• Separation is not the same as divorce. If you die intestate a spouse will be entitled to a share of your estate, whether you like it or not!
• If you are recently married or intending to marry, or if you are divorced then it is imperative that you review your Will. Marriage revokes a previous Will and on divorce your ex-spouse is treated as dying before you, is this what you would want?
• If you have step-children that you wish to benefit from your estate they will have no automatic entitlement unless you provide for them in your Will.
• A Will allows you to tax plan - are you worried about the inheritance tax bill you may leave your family with?

 A Will can deal with much more than simply financial arrangements after your death. If you have young children you can appoint guardians in your Will and have the peace of mind that they will be looked after by someone that you trust. You can also state in your Will what you would like to happen to your body and if you are a supporter of a charity you can make provision for that cause.

The Law Society has welcomed the thought provoking series and has emphasised the importance of ensuring that you seek the advice of a Solicitor.

For more information on this article or for advice please contact our Wills and Probate team.