This common misconception means that sometimes people who should make a Will do not do so. It is recommended that everyone over 18 years old has a valid Will in place.
Whether you are single, cohabiting, married or divorced, you will need a Will to ensure that your assets will be distributed in accordance with your wishes. If you do not have a Will, the Intestacy Rules dictate where your assets will go. Without a valid Will in place, a large chunk of your estate could go to the taxman.
If you live with a partner but are not married or in a civil partnership, and do not leave a Will, your assets would often pass automatically to the closest blood relatives – usually children, parents or siblings. Your assets will not be inherited by your partner.
It is important to note that marriage cancels out a Will (unless specific provision is made for this). If you have a Will and have subsequently divorced, the Will is read as if your spouse has died. The rest of your Will would still be valid, but it might not reflect your wishes and parts or all of your Will may no longer be effective.
If you have children under 18, you may wish to appoint a testamentary guardian. This will ensure that your children are looked after by a person of your choice if you pass away whilst they are a minor. This is one of the hardest decisions parents have when preparing a Will.
Many of us never get round to making a Will and some people find the process daunting. Not having a Will can cause problems and financial worry for your loved ones. Take the time to write a Will and make provisions to meet the future financial needs of your loved ones and provide you with peace of mind.
Making sure you regularly review your Will is important, especially when your circumstances change. If you do not keep your Will up to date it could result in you dying without your most recent wishes being accurately reflected and it is possible that your Will could be invalid.
At Family Law Associates, we have specialist solicitors who are able to advise you on various matters including: Divorce and Separation, Finances, Cohabitation, Children, Pre-Nuptial Agreements as well as Wills and Lasting Powers of Attorney. Please contact us for further information.
Family Law Associates
1 The Courtyard, Lyntoin Road N8 8SL
020 8342 7760