Member Article

Why make a will?

With Watson Burton LLP Law Firm

A will sets out who is to benefit from your property and possessions after your death. It allows peace of mind and a reassurance that your assets will be distributed between your loved ones, friends and charities as you had planned. If you do not have a will, your assets will be distributed by the State and not necessarily to those you may have wished to benefit, or in the proportions you would choose.

Making a will is important for a number of reasons:

Unmarried partners or partners who have not registered a civil partnership.

Without a will, unmarried partners or partners who have not registered a civil partnership will not automatically benefit, irrespective of the duration of the relationship, so may be left in financial difficulty. The remaining partner’s only option would be to make a claim under the Inheritance (Provision for Family and Dependants) Act 1975. This could be a costly process as legal advice will likely be required and, even then, does not guarantee success as it is difficult to prove dependency especially if both partners have contributed equally to the relationship.

Children or Dependants

If you have children, arrangements can be made in your will if either one or both parents die. Without a will, there may be uncertainty about who will look after and provide for them.

Tax

By making a will you may be able to reduce the amount of inheritance tax payable if advice is taken in advance.

Where a business is involved

A will allows you to choose to whom you leave your business interests which may determine their future.

Even once a will is made, it is important to keep it updated as events such as marriage, separation and divorce can make all or part of that will invalid or inadequate. Any changes can be made either by way of a Codicil (a separate document incorporating additions or amendments to the original will) or by making a new will.

It is possible to write a will without the help of a solicitor but there are various legal formalities which must be followed to ensure that the will is valid. If there are errors, these may result in problems after your death. Sorting out such misunderstandings and disputes may result in considerable legal costs which will reduce the amount of money in the estate. They may also mean that you do not provide for loved ones as planned.

Once a will has been made, it should be kept in a safe place and other documents should not be attached to it. You should tell your executors or a close friend where it is. Most solicitors will store your will for you after it has been drawn up.

If you have any queries in relation to this article, please contact Claire Banks at Watson Burton LLP on claire.banks@watsonburton.com.

This was posted in Bdaily's Members' News section by Ruth Mitchell .