Importance of Making a Will

Writing a Will or updating an existing one should be considered whenever there is a significant life event. You may want to review your Will when you have a child, when you get married, when you retire or when you purchase a property.

For many people, buying a house is likely to be the biggest purchase they will ever make. So, it is important to think about who would benefit from your property when you die.

Writing a Will allows you to record your wishes and gives you an opportunity to plan for the future and provide for your family and loved ones.

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.
• unmarried partners and partners who have not registered a civil partnership cannot inherit from each other unless there is a Will, so the death of one partner may create serious financial problems for the remaining partner.
• 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.
• it may be possible to reduce the amount of tax payable on the inheritance if advice is taken in advance and a Will is made.

If your circumstances have changed, it is important that you make a Will to ensure that your money and possessions are distributed according to your wishes. For example, if you have separated and your ex-partner now lives with someone else, you may want to change your Will. If you are married or enter into a registered civil partnership, this will make any previous Will you have made invalid.