As with most New Year’s resolutions, come February, the best laid plans have often been forgotten and life becomes busy and hectic once more. One resolution that I would love you to keep is to make 2026 the year that you make your Will.
Your Will is one of the most important legal documents that you will ever prepare and here are 10 reasons why you need to make a Will:
1. If you died without a Will then your estate may not pass to the people you actually wish to inherit. Where there is no Will then your estate will pass under the law of intestacy which means that your estate will pass to your blood relatives.
2. By making a Will then you can appoint Executors who are responsible for administering your estate. The Will enables you to decide who you trust to take on this role.
3. If you have young children who are under the age of 18, a Will allows you to appoint a guardian(s) who will look after the children until they reach 18.
4. A Will allows you to make specific gifts of sentimental items to family or friends. You can also decide if you wish to leave a legacy (a fixed amount of money) to friends and or charities who would not be covered by the Intestacy law.
5. A Will can be used as a tax planning tool with regards to inheritance tax and lifetime tax planning.
6. You can include funeral wishes so that your Executors and family members know what your wishes are.
7. Not all families get along and you may wish for certain family members to inherit from your estate, therefore you may wish to exclude them from your Will. However, certain people can make a claim against your estate, if reasonable provision has not been made for them. When making a Will your solicitor will advise you accordingly as to what measures can be put in places to reduce the risk of a successful claim.
8. Unmarried couples are not treated the same as married couples. Therefore, if you died without a Will then your estate is not going to pass to your unmarried partner.
9. A Will can be used to protect assets by way of trust to mitigate against care fees or from second marriages. A trust in your Will can also be useful for blended families ensuring your assets pass to your children whilst also offering protection for your spouse/partner. Trusts can also be set up if you have vulnerable beneficiaries, who cannot manage their financial affairs.
10. A Will makes things easier for your family and friends who are dealing with your estate.
How can Timms help?
If you would like any further information and advice on preparing your Will please call me on 01283 561531 or via email at legal@timms-law.com.
