The Importance of a Will.

A will is a legal document that declares how you want your assets to be distributed after you die.It is important that everyone makes a Will despite their age or how big or small their estate is. By making a will you can ensure that your family and loved ones receive the gifts you want them to.

If you do not make a will then your assets will be shared out among your next of kin according to a strict order of priority called the 'rules of intestacy'. This means that people you want to benefit from your estate - such as a partner you're not married to or in a registered civil partnership with - might get nothing. Also, many problems can arise when you pass away if you do not make a Will. The people you want to inherit your estate may not as the law of intestacy will apply. There will be a delay in obtaining your assets and therefore your next of kin will be responsible for funeral expenses from their own funds. If you had children and their mother/father had also passed without a Will a guardian would not have been appointed and this would need to then be dealt with in court which would be a long and costly process.

A will includes specific directions on how you wish your estate to be distributed after your death, including provisions for any tangible personal property that you may own - jewellery, furniture etc as well as naming guardians for any minor children. It also indicates what sources will be used to pay any estate taxes and debts that are due, and it names an Executor who will be responsible for the settlement of your estate. It is not only important to make a will it is also important to keep your will up to date. You should review your will after the following events:-

- You get married or divorced (a change in marital status may void your will);

- You are unmarried, but have a new partner;

- The amount of money and/or property you own changes significantly;

- Your executor or a significant beneficiary in your will dies;

- There is a birth or adoption of a child in your family;

- You change your mind about the provisions in your will.