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Why Should You Make a Will?

Creating a Will is an essential step to ensure your final wishes are respected and your loved ones are spared from unnecessary distress and financial burdens.

A Will allows you to:

• Choose Who Administers Your Estate: Appointing a trusted executor ensures your estate is managed according to your instructions.

• Specify Funeral Wishes: Clearly set out your preferences for your funeral arrangements.

• Appoint Guardians for Your Children: If you have young children under 18, you can appoint guardians, avoiding court decisions.

• Make Specific Gifts: You can leave sentimental items, such as jewellery, to specific individuals.

• Incorporate Tax Planning: A Will can help mitigate tax liabilities on your estate.

• Address Complex Family Dynamics: A Will is especially important if you have a blended family.

• Include Provisions for Pets: Your beloved pets can be cared for according to your wishes.

• Support Organisations and Causes: Your Will can benefit not only individuals but also charities or causes you care about.

What Happens If You Don’t Have a Will?

If you die without a valid Will, it means you have died intestate. This triggers the Intestacy Rules—a legal hierarchy that determines who inherits your estate and who is responsible for administering it. However, this process might not align with your personal wishes for the distribution of your assets, property, and cherished belongings.

Here are some of the common pitfalls of the Intestacy Rules:

• Surviving Spouse May Not Inherit Everything: The Intestacy Rules don’t always guarantee that your spouse will receive your entire estate.

• Cohabitees Are Overlooked:If you live with a partner but aren’t married or in a civil partnership, they won’t automatically be entitled to any of your estate.

• Stepchildren Are Not Recognised: Step- Children won’t not receive anything under the Intestacy Rules even if you treated them like your own children.

• Potential for Avoidable Tax Payments: Without a Will, your estate might face higher inheritance tax liabilities.

• Increased Costs in Administering the Estate: Intestacy can complicate the administration process, leading to increased costs.

When is the Right Time to Draft Your Will?

There’s no better time than the present to make a Will. Anyone aged 18 or over, of sound mind, can and should take this step. It is also wise to review your Will every 3-5 years, or whenever your family or financial circumstances change.

A Will brings peace of mind; without one, uncertainty reigns. Plan ahead and ease the burden on your loved ones. If you are considering drafting a new Will or updating your existing one, please reach out to Rezwana Dithy, who specialises in estate planning and can offer expert guidance.

This article is for general information only and does not constitute legal or professional advice. Please note that the law may have changed since this article was published.

To find out more about our services, visit International Probate section of our website.

Call us now to discuss your case 0330 107 0107 or email us at info@imd.co.uk.