Reasons for making a Will
There are various reasons for making a Will dependant upon your individual circumstances. Certainly we would advise all cohabiting couples to make a Will so that they are clear as to what their financial position would be in the event of either one dying.
The consequences of dying without a Will can be devastating to the surviving partner. Additionally we advise clients who are entering into divorce proceedings or a dissolution of a Civil Partnership to make a Holding Will pending Decree Absolute so that your wishes in terms of beneficiaries, executors and assets can be carried out in the event of your death prior to the marriage or Civil Partnership being dissolved.
Beneficiaries
If you make a Will you can choose who will inherit your estate upon your death. If you do not leave a Will then your assets will pass to your next of kin according to the Intestacy Rules. If you are married, or in a Civil Partnership, even if you are in the process of getting a divorce or applying for a dissolution, this can mean that your husband/wife/civil partner could be left your entire estate. If you are cohabiting your partner will not be left your estate under Intestacy Rules.
Executors
If you make a Will you can choose who your executors are. These are the people who are responsible for administering your estate in accordance with your wishes.
Guardians
If you make a Will you can choose who are going to be appointed as guardians for your children.
Tax planning
This is a specialist area and you should seek specialist advice but it may be that you would be able to incorporate some tax savings advantages in your Will.
It is imperative that due consideration is given to executing your Will so that you can provide certainty for your partner, spouse or children.
As a family law practice we do not draft wills but have good links with other solicitors who will be able to help you.
The contents of this fact sheet are general principles and do not constitute legal advice. Every case is different and you should seek independent legal advice in relation to your specific circumstances.