The importance of making a Will and keeping it up to date

A Will is a very important document, which requires careful consideration and thought, as it will ensure that your last wishes are met. If a person dies without a Will, intestate, the inheritance distribution will be decided by the rules of intestacy and benefit surviving relatives in a specific order (not necessarily the people you might have chosen). This is particularly relevant for unmarried couples as an unmarried partner will not benefit under the rules of intestacy.

A Will provides flexibility to make more varied and complex provisions for your family and dependants and address their needs for the future. It offers you the certainty as to your wishes, who will manage your estate and who would benefit.

A carefully drafted Will may bring tax advantages especially if your estate is above the current inheritance threshold. It can also include provisions as to your funeral/religious wishes and the appointment of guardians for your minor children. You can also provide for your pets in your Will and leave money to charities.

Generally, we would advise our clients to review their Wills very 5-7 years and when family or financial circumstances change significantly (marriage, divorce, retirement, etc.). This ensures that the Will reflects your current situation.

Homemade/DYI Will may be cheap and easily accessible but they are often poorly drafted, contain mistakes and ambiguities and are incorrectly executed. This often leads to costly litigation and your wishes not being met.

If you are thinking of making a Will, we recommend seeking advice and guidance from a qualified professional.