Wills

If you die without a Will, the distribution of your estate (your personal possessions, money and property) will be dealt with under the rules of intestacy (a set of legal rules which dictate who will benefit). The intestacy rules are rigid and may not reflect your wishes, for example, they make no provision for unmarried partners. The intestacy rules also govern who is entitled to deal with the administration of your estate.

Making a Will is the only way to ensure your estate passes to your chosen beneficiaries. It also enables you to choose your executors, appoint guardians for young children, include cash gifts or gifts of specific items, and detail your funeral wishes. It may be appropriate to include a trust structure in your Will to offer a degree of protection for your chosen beneficiaries or to allow flexibility for future generations to use the trusts for their own wealth/tax planning.

Even if you are married, your spouse is not necessarily entitled to benefit from your whole estate on your death. The intestacy rules are constantly subject to change and the outcomes of dying without a Will can be surprising and often unjust. Making a Will is the only way to ensure your loved ones are provided for in accordance with your wishes.

The intestacy rules do not make any provision for unmarried partners. The best way to ensure a cohabiting partner is provided for is to make a Will.

As well as dealing with the distribution of choosing who will benefit from your estate and choosing who will administer your estate, your Will can guide your family and friends on your funeral wishes, include gifts of specific items (such as your car or jewellery), cash gifts to individuals or charities and specific provision for your agricultural and business assets. You can also appoint guardians for young children and detail your funeral wishes.

Your Will can also be a useful tool to retain a degree of control over how your assets are dealt with after you die and for inheritance tax planning.

You should review your Will regularly to ensure it continues to reflect your wishes and circumstances. As your personal and/or financial circumstances change, you should consider updating your Will. Examples include:

• Marriage will automatically revoke any Will you had in place previously.
• Change in family circumstances, for example having children or grandchildren.
• Divorce
• Significant changes in your financial situation

In any event, we suggest reviewing your Will at least every three years to assess whether there have been any changes to the law or tax allowances which would necessitate a change to your Will.