Why it is important to make a will

It is important for you to make a will whether or not you consider you have many possessions or much money. It is important to make a will because:

• if you die without a will, there are certain rules which dictate how the money, property or possessions should be allocated. This may not be the way that you would have wished your money and possessions to be distributed

 

• Protect your partner if you're unmarried - Unmarried partners and partners who have not registered a civil partnership aren't entitled to anything from your estate unless specifically stated in your will - no matter how long you've been together. Writing a will ensures your partner will receive their fair share of your estate. 

 

• if you have children, you will need to make a will so that arrangements for the children can be made if either one or both parents die. If you don't, the decision could be left to the family courts, who may choose a person (Legal Guardian) you wouldn't agree with. Choosing a godparent is not the same as choosing a guardian, as godparents have no legal rights. If you wish the godparents to look after your children if you die, you must name them as guardians in your will. You can also make plans to provide for their future financially.

*Step-children? - the law states that only spouses or blood relatives can automatically inherit if there is no will. If you want to provide for your step-children, you'll need to write a will that includes them. The same goes for foster children, or any other dependents who may rely on you for support.

 

• If the family home is in your name, your unmarried partner and step-children aren't automatically in line to inherit it if you die without a will - meaning they may lose their home. You can leave them a share of the property in your will, or a right to reside in the property.

 

 

• When you marry, your existing will automatically become invalid in England and Wales. According to the rules of intestacy, this means your estate could end up split between your new partner and children from a previous marriage, potentially causing arguments. And getting divorced doesn't override your will, meaning your ex-partner may still be in line to inherit from your estate. As such, it makes sense to regularly review your will so it still reflects your situation, particularly after a marriage or separation.

 

• Decide who you would like to settle your affairs - Within your will, you can name an executor, or multiple executors, who will be in charge of carrying out your final wishes. Choosing your executor in advance allows you to select the best person for the task. It also gives the executor prior warning so they can prepare themselves.

 

Why parents need a will

Making a will also allows you to appoint guardians for your children. If these plans aren't outlined in a will, and both parents are deceased, your local authority or the courts may be left to decide who should look after your children.

If you don't have a will:

• your spouse, cohabitee, partner or civil partner won't automatically inherit everything
• if you are not married to your partner, they won't inherit anything
• your children's guardianship may be decided by a local authority or court
• any step-children or foster children won't inherit anything.

 

When should you make a new will?

As you move through life your circumstances change, as do the potential risks and complications when you pass away.

You should consider making a new will:

• When you have an unmarried partner who should inherit from your estate.
• When you get married, and your old will is invalidated (in England and Wales) 
• When you have a child so that you can appoint a guardian.
• When you buy a property or receive a large windfall.
• If you get divorced, as your previous will won't automatically be invalidated.
• When you want to make provisions for step-children, foster children or dependents.
• If your spouse passes away, and your previous will left the estate to them.

Reviewing your will every five years or so will give you a chance to think about whether the people you've nominated to look after your children are still suitable, and whether your instructions still reflect your family's situation.

 

What happens if you die without a will?

If you die without a will, your estate will be divided up in line with the rules of intestacy. This means you will have little control over who receives your estate.

 

How to make a will - (Which?)