The Importance of Making a Will

Many people think that having a Will is not a priority until they become elderly or unless they are wealthy. However, making a Will is important to us all.

For those who have children, knowing that secure arrangements are in place for their ongoing welfare and care should something unexpected happen to us means that we can ensure someone we trust will be able to make those important decisions. In the absence of clear instructions from us, it is the Courts which decide who should become guardian. The Children Act recognises that you can appoint a guardian by your Will.

We may have particular pieces of jewellery or other personal possessions which we want to leave to specific people. By setting down our wishes, we know that these bequests will be made.

Our Will can also include details of the arrangements we wish to be put in place for our funeral: the type of funeral we want (or do not want); whether we want flowers or donations to be made instead; the sort of service we wish to take place; or any other specific wishes we may have in relation to our burial or cremation.

For anyone owning property, how that property is held will affect what happens to it. Will it revert to our partner or spouse? Will it be divided between our nearest relatives? Making a Will allows us to make these important decisions ahead of time, often saving our loved ones from pain, uncertainty or conflict. For those of us in long term relationships outside marriage, the creation of a Trust can ensure that our partner is able to continue living at home following our death.

For some, making a Will also means being able to set down formally any family member they wish to be excluded from becoming a Beneficiary of their Estate. Other than for those dependent upon us, we are not legally obliged to make provision for anyone in particular.

We can also set out many of the financial aspects of our Estate; apportioning the residue left after the costs associated with funeral and testamentary expenses to those we wish to benefit under the terms of our Will. We can arrange for the creation of Trusts in the case of children who may not have reached the age of majority at the time of our death; or to manage effectively more extensive assets.