News & Events
When is the right time to make a will?
Updated 1st July 2009
At this time of year, many of us are busy planning and getting ready for our annual summer holiday. We take time and effort to find our perfect holiday and then, as the holiday approaches make lists of all the things we need to buy and arrange before we set off.
The usual things appear, sun lotion, foreign currency, arranging travel insurance but how often does writing that all important will feature?
The truth is, making a Will is something we all put off until another day and of course it doesn’t necessarily mean that holidays are the trigger for making people think about making a Will – we are usually looking forward to rest and relaxation rather than thinking about what happens when we are no longer around! . It’s often attending a funeral or a serious accident to ourselves or a friend that makes us aware of our own mortality.
When is the right time to prepare a Will? If you haven’t got round to this important task the answer can only be NOW.
- Who should have a Will?
Anyone who is over the age of 18, single, married or in a Civil Partnership should have a Will prepared.
- Why do I need a Will?
In your Will you can determine exactly who will benefit from your estate when you die. A Will provides you with certainty and peace of mind in knowing that your wishes will be carried out.
- What happens to my children if both parents pass away?
Who becomes guardian of your children is one of the most important matters you need to consider in making your Will. If you have children under 18 years of age then you should nominate a guardian(s) in your Will If you don’t then there is a likelihood that the Courts will have a say in who raises your children. A decision as vital as this should rest with you not a third party!
- What happens if you do not make a Will?
"When is the right time to prepare a Will? If you haven’t got round to this important task the answer can only be NOW"
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If you are married with no children then your wife or husband inherits the first £450,000 plus half of the remainder of the estate. Any amounts over this sum could be at risk of claims by other relatives which may not be your intention and in any event can become complicated and costly particularly if families do not agree on who should benefit from your estate.
If you are married with children then your wife or husband will inherit £250,000 plus a life interest in one half of the rest of the estate. The other half goes to the children in equal shares.
If you are single, divorced or widowed, your property goes to your next of kin. It is sometimes the case that you do not wish for your next of kin to inherit everything in your estate.
If you are married but separated, your husband or wife would have a claim if you do not make a Will.