Hot off the press! The importance of making a Will

You may have seen over the weekend that The Wanted star, Max George, claims he wrote his Will on his mobile phone after fearing the worst before heart surgery. Sadly, he is not alone, as research shows that 56% of UK adults have never made a Will, whilst 11% of UK adults have an outdated Will which no longer reflects their current wishes. Does this sound like you?

Despite Max’s best efforts to sort his Will before surgery, his Will would not have been valid on death as he had not signed his Will in “wet ink” in the presence of two independent adult witnesses. Should the worst have happened, Max’s estate would have passed under the Rules of Intestacy. Thankfully, that was not the case for Max, and he can now arrange to make a legally binding Will, but this brings us to consider the top 12 reasons for making a Will.

Top 12 reasons for making a Will

• You can choose who you wish to appoint as your Executors. Executors are legally responsible for managing your estate after your death, following the instructions outlined in your Will. By creating a Will, you can choose the person or people you believe are best suited for this responsibility. You may decide that a professional Executor is the most appropriate choice for this role.
• If you have children under the age of 18, you can appoint Guardians to take care of your children should both parents die. These are individuals who you feel are most suitable to take on this role rather than individuals picked by the Courts.
• You can choose the beneficiaries of your estate and can include gifts of specific items, for example, family heirlooms, to ensure this stays within the family on death.
• You can include monetary gifts known as pecuniary legacies to any individuals you choose. This could also include gifts to charity.
• If you are unmarried, a Will can provide protection for your partner as they would not inherit any part of your estate under the Rules of Intestacy.
• You can include funeral wishes to give guidance to your relatives as to your wishes on death. These could consist of cremation, burial arrangements or organ donation.
• A Will can be prepared to make sure all tax-free allowances are maximised, helping to minimise the amount of Inheritance Tax paid.
  Wills can be drafted to include Trusts to protect your property from any third-party claims and ensure the wealth passes to your loved ones upon death.
• If you have digital assets, you can designate a digital manager to oversee them for the benefit of your loved ones. Digital assets may include online bank accounts, PayPal accounts, and cryptocurrency holdings like Bitcoin.
• You can include provisions for any pets you have on death by choosing individuals to look after them rather than taking them to a rescue centre for rehoming.
• Failure to make a Will can cause your loved ones a lot of unnecessary stress on your death.
• Making a Will can reduce the chances of a family dispute on your death as your wishes will be clearly set out in writing.

If you pass away without a Will, you will be considered “intestate,” and your estate will be distributed in accordance with the Rules of Intestacy. None of your loved ones will have the legal authority to manage your estate until the Court officially appoints them. Additionally, your estate may not go to the people you intended, but instead to other surviving relatives. If no relatives remain, your estate will pass to the Crown.

Conclusion

Making a Will is not only for older individuals or those with large estates; it’s for everyone. Life is unpredictable, and the sooner you plan for the future, the better you can ensure that your wishes are honoured. Whether you have a simple or complex estate, making a Will is a responsible and thoughtful step that protects your legacy and provides clarity and comfort to your family in an undoubtedly challenging time.

Speak to our Lifetime Planning team today

If you have any questions about anything in the above article, get in contact with our specialist Lifetime Planning team using our online enquiry form or by calling 0330 404 0778.