Why should I make a Will?
We’re often asked ‘why should I make a Will?’ Or ‘what is the best age to write a Will?’ And we’ve even heard some turn down the idea as they consider themselves ‘too young.’
A Will is hugely important in that it allows you to set out your wishes to be applied to your Estate after your death. It’s also important that a Will is properly drafted by a professional – and this is where Walker Foster can help.
Making a Will with us will give you the comfort and certainty that things are properly accounted for when you die. Our team of legal professionals has years of experience of drafting Wills as well as advising on all the other legal matters which arise when someone dies such as probate, trusts, administration of estates and property sales.
When should I make a Will?
There is no certain age to start thinking about writing a Will and it may not be needed anytime soon – but that doesn’t mean it shouldn’t be considered.
If you’ve purchased a property, this represents a significant change in the value of your estate and what your beneficiaries would receive after your death.
You may wish to pass this asset on to a spouse of your children to allow them to continue living in the family home.
You may also need to consider a Will if your marriage circumstances have changed, you’ve recently had children or if you’re starting/have started a business.
What should I consider?
When the time comes to make a Will, it is helpful if you have given some consideration to the following:
- What sort of funeral arrangements you would like
- Who to appoint as your Executors (In certain circumstances you may wish to consider appointing the Directors of Walker Foster and this is an option)
- The appointment of Guardians for any children under the age of 18
- Any specific legacies or gifts you may wish to leave and to whom. You may also wish to consider a ‘letter of wishes’.
- How the remainder of your estate should be distributed.
Already made a Will?
You might be thinking ‘I’ve already drafted a Will, this doesn’t apply to me.’ The question then becomes ‘how long ago?’
Your Will should be reviewed every few years to ensure that you still wish to make the same provisions and gifts.
For example, you may have sold or given away a specific item that you had previously intended to gift to someone.
Another reason to review your Will would be because your personal or financial circumstances have changed. Marriage, divorce or the arrival of children/grandchildren can all impact on Wills.
The only way a Will can be legally changed is by:
- Making a codicil to the existing Will
- Making an entirely new Will.
If you’d like to find out more about making your Will with Walker Foster, please visit our website at www.walkerfoster.com.
Alternatively, give us a call at the office which is most convenient to you or send an email to firstname.lastname@example.org.