Why you should not put off making your Will any longer

Claire Nelson, a Partner in our Wills team, talks about why you should not wait any longer to make a Will - but put it to the top of your to-do list.

Did you list making or amending an existing Will in your New Year's Resolutions - but still haven't done it?

It can be difficult talking about your own mortality; however there are some important reasons why it should be top of your list - and our team is here to make the process as stress-free as possible for you.

Why do you need a Will? 

First, it ensures the person/people you want inherits your assets. If you die intestate (without a Will) the statutory Intestacy Rules determine who inherits your estate and this might not be in accordance with your wishes. 

Whilst your spouse/civil partner is the first person who inherits, they might not necessarily inherit everything. 

Importantly, unmarried couples have no automatic right to benefit from each other’s estates under the Intestacy Rules. And if you leave no surviving blood relatives, your estate would pass to the Crown.

Guardians for minor children can be appointed in your Wills. Should the worst occur and you and your partner both die whilst your children are under the age of 18, having Wills appointing a Guardian for them can give you peace of mind that someone you’ve nominated will have legal responsibility for them. 

Where a Guardian is not appointed, it will be up to the court to choose who will care for your children and a worse case scenario could see them in foster care whilst a decision is being made.

If your circumstances are not straightforward, making a Will can also allow for your estate to be dealt with in a manner which minimises or eliminates any Inheritance Tax liability which would otherwise be due.

Above all, making a Will gives you peace of mind that you have control over your circumstances and that your wishes are accurately reflected.

For more information, including prices of Wills that we offer, please read our section on this website on Wills here

Alternatively, please contact Claire Nelson, Partner, Wills, by emailing cvnelson@cozens-hardy.com or calling us on 01603 625231.