The New Year is often a time of resolutions and good intentions so why not take the opportunity to get your affairs in order?
A Will is among the most significant documents you can create, yet recent findings from Macmillan Cancer Support show that nearly two-thirds of UK adults (63%) have not prepared one. This includes an astonishing 42% of individuals aged 55 and over.
A Will serves as a legal record outlining your preferences for the distribution of your property, possessions, savings, investments, and other assets after your death. It also allows you to specify arrangements such as appointing someone to handle your estate, expressing your funeral wishes, and naming guardians for your children should the unexpected occur. It is important to make a Will because:
1. If you die without a Will, there are rules which determine how money, property or possessions will be allocated and this may not align with how you would have wanted these assets to be distributed.
2. Partners who are not married or have not registered a civil partnership cannot inherit from each other unless a Will is in place under the law of intestacy
3. You will need to make a Will so that arrangements for children can be made if either or both parents die.
4. It may be possible to reduce the amount of tax payable on the inheritance if advice it taken in advance and a Will is made.
It's essential to review your Will periodically, especially after significant life events such as moving house, getting married, separating, divorcing, or having children. This ensures your assets and belongings are allocated according to your current wishes. In some circumstances, an existing Will might become invalid without your awareness. For example, Macmillan's research found that 1.5 million people in the UK had unknowingly voided their Wills by getting married, as marriage automatically cancels any previously made Will.
Regardless of your age, having an up-to-date Will in place will ease stress for loved ones when dealing with affairs at a difficult and emotional time.
If you would like to find out more about making a Will, the Wills and Probate team at RJM Solicitors can offer specialist advice, simply call 0191 232 8451 or email info@rjmsolicitors.co.uk