Making a Will – What You Need to Know
What is a Will?
A Will is a legal document which sets out what you would want to happy to your property and possessions when you pass away. Without a Will, the law dictates what happens to your estate in the event of your death, and this may not necessarily reflect your wishes. A Will enables you to make sure that you have made financial provision for those who you would wish to benefit, should that be your family, friends or charities.
Why Should I make a Will?
- Making a Will is the only way to ensure your wishes are carried out after your death
- In a Will you can appoint Guardians for your minor children
- In a Will you can ensure that you provide for children from a previous relationship, ensuring this does not cause undue hardship for other beneficiaries
- If you make a Will then you can be happy in the knowledge that your estate will pass to the people you intend in the manner you wish
- If you do not have any immediate relatives, for example spouse/civil partner, living parent(s), siblings, descendants, 1st cousins, then your estate may pass to the State
Did you know?
- Any debts you have will be paid from your estate after you die, they do not ‘die with you’
- If you are not married to your partner, they will not inherit any of your assets
When should I review my Will?
- When you marry or separate/divorce
- You have a change in your financial or family circumstances
- You become a parent, to make financial provisions and appoint guardians
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