The Importance of making a Will

Making a will is important whatever your age or personal or professional circumstances, as there is no other way to ensure that your estate will be distributed as you wish on your death. Your will is one way in which you can safeguard the interests of your family and other dependents, as without a will in place your estate would be divided according to fixed rules which might not match your wishes. If you have no next of kin and no will is in place at the time of your death, your estate would pass directly to the Crown. Through a will you can lessen the impact of taxation upon your estate

Once made, you should regularly review your will to keep it up to date so that your wishes are not compromised by changing personal circumstances, taxation or inflation. A minor alteration can be dealt with through a codicil. There are certain times when making or amending a will is particularly apt. These include:

• On marriage or divorce (any existing will is revoked on marriage unless it was made in specific contemplation of that marriage).
• At the birth of children
• With inheritance or acquisition of major assets
• On becoming self-employed or entering a partnership
• With the pre-decease of inheritors.