Do I Need A Will?

It is advisable for anyone who has assets in their sole name or held jointly as tenants in common to have a Will to ensure that their wishes are carried out following their death as to where those assets will go.

Having a Will is particularly important if you have children as it will allow you to appoint Guardians to look after any children who might be minors at the date of your death. It is also important if you are living with a partner as an unmarried couple if you have children from a previous relationship or if you wish to benefit non-family members.

Wills also allow you to decide who will deal with your affairs following your death, and they can be used to protect assets such as your share of a jointly owned property against your spouse’s remarriage or the effects of their long-term care.

What happens if I die without making a valid Will?

If you die without making a Will then you will have died ‘intestate’ and the Intestacy Rules will apply. The Intestacy Rules are rules set out in law that determine who will deal with your estate and who will inherit from you. Importantly, unmarried partners and stepchildren do not inherit under these rules, and there is no guarantee that your spouse will fully inherit from you.

If you don’t have any family, then there is a chance that your estate will pass to the Crown.

Should I Review My Current Will?

Yes, you should review your Will every few years, or sooner if your financial or family circumstances change i.e. the breakdown of a relationship or the birth of a child/grandchild.

It is also important to review your Will ahead of any upcoming marriage or civil partnership as the act of marriage or entering a civil partnership revokes any existing Wills. Wills can be made in contemplation of a marriage or civil partnership, so it is best to review them beforehand.

Interestingly, divorce does not revoke a Will, but instead the ex-spouse will be treated as though they died immediately before you and so they will not inherit from you.

Do I Need A Will? How Much Will It Cost?

The Wills & Probate Team at Timms are specialists in preparing Wills. Our fees are competitive and we are sometimes able to prepare a Will under one on the many charity schemes we support.

For a quote or for further information regarding the above, please call us on 0800 011 6666 or e-mail the team at legal@timms-law.com