Making a will
Your will tells everyone what should happen to your money, possessions and property after you die; all these things together are called your Estate.
Statistics suggest that almost two thirds of the UK adult population have no Will, despite the fact that more than three quarters of adults plan on leaving money to their loved ones. Without a Will, your assets will pass in accordance with the rules of intestacy – complex rules that dictate which family members can inherit. Even though there have been some recent changes to these rules; alarmingly, if you are not married to your partner, they will not automatically inherit any of your assets. A relative could inherit your assets instead.
To ensure that your assets go to the people you wish, you are advised to make a Will because it will make it much easier for your family or friends to sort everything out when you die – without a Will the process can be more time consuming and stressful. Writing a Will is especially important if you have children or other family who depend on you financially, or if you want to leave something to people outside your immediate family.
Making a Will also gives you the opportunity to make provision for who should look after your children and pets, state your funeral wishes and make individual specific gifts to friends and charities. It also gives you the opportunity to ensure that your estate is looked after by those you trust, by specifying an Executor.
If your family is small and you want to leave everything to them, making your will is fairly straightforward. If your situation is more complicated – for example, if you have a second family or you want to leave money and gifts to lots of people – you’ll need to plan more carefully.
It is vital to ensure that your Will is as watertight as possible and that it is legally valid. Therefore, we suggest you come and talk to one of our experienced solicitors who will draft your Will in accordance with your wishes. Contact us today on 01492 596596 (Conwy) or 01492 874774 (Llandudno).