We all know that we should make a Will, but we often make excuses to put it off until another day.
Many people do not want to think about making a Will and none of us like to think that one day we will not be here, but we should all take a moment to think about the difficulties that are left for our loved ones if we do not have a Will in place.
Often people do not realise that without a Will, their assets are distributed in line with government legislation and this means that those who are most important to us, could be left with nothing.
If you are married and do not make a Will, your spouse may not automatically receive all of your estate and some of your assets can be distributed to your children, parents or siblings in certain circumstances.
Making a Will is a way of ensuring that your wishes are carried out in the future. It also allows your family members to deal with your assets more efficiently and with the knowledge that everything has been given to the right people, just as you wanted.
We advise all of our clients to make a Will, whether they are single, co-habiting, married, separated or divorced and even if they think they have nothing to leave at the time they sign it. Making a Will allows you to, amongst other things:
- Nominate a person or people who you trust to collect in your assets, pay your debts and liabilities, then distribute your estate to your chosen beneficiaries
- Stipulate what will happen to the assets you own at your death, i.e. who will receive these and in what shares
- State if there is anyone who you do not wish to inherit from your estate
- Appoint guardians for your children
- Express wishes about your preferred funeral arrangements
If a Will is not properly executed it may be invalid, which could cause distress to your loved ones after your death. Terrells can ensure that all of the necessary formalities are complied with.
Updating your Will
We advise our clients to review their Will every 2-5 years, although they need not necessarily change it. However, it is sensible to give some thought to your circumstances every now and again and consider whether anything has changed in your life, e.g. if you have had a child, married, divorced etc, all of which may mean that your Will no longer does what you want it to. In particular, unless a Will is made in contemplation of your marriage, it will become invalid should you later marry.
Storage of your Will
We will even store your original Will for you in our secure storage facility.
How we can help you
To give you peace of mind and avoid problems after your death, you can take steps now to make a Will through Terrells.
We will arrange an initial appointment, either at our offices or at your home, to meet you and discuss your requirements. We will then prepare a Draft Will for you to consider. Once completed, we arrange to meet you again so that you can sign the final Will.
What should I do now?
If you are interested in making a new Will or amending an existing Will, please contact Rebecca Rudge in our Wills & Probate Department for further information or to book an appointment.