Who will inherit your estate?

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Without a Will, there is no guarantee your wishes will be carried out, or that your estate will go to those intended when you’re gone. In spite of this, according to research by the Office of the Public Guardian, an estimated 60% of UK adults don’t have one in place.

Peace of mind Whatever your circumstances, it is important to make arrangements for the future. Preparing a Will can give you and your family peace of mind, helping to ensure your assets are protected and your loved ones are taken care of when you’re gone. A Will is relatively straightforward to arrange and can make a difficult and emotional time that bit easier for your family. The top five reasons for making or revisiting your Will 1 You have yet to make a Will If you pass away without a valid Will, the government will decide who inherits your possessions, property and money (your estate), according to Laws of Intestacy.

2 Marriage

When you marry or re-marry, your previous Will is automatically revoked. As second marriages aren’t uncommon, it is important to ensure that your Will accurately reflects your wishes and protects your loved ones accordingly.

3 Divorce

When a divorce takes place, it doesn’t automatically revoke a Will. If your wishes have changed (e.g. a change in beneficiary), you must update your Will. Should you fail to do so, your new wishes won’t be taken into account.

4 New family members

Having new additions to your family is an exciting time, but it also means that you should look at reviewing your Will to make sure the wishes it expresses are still valid.

5 Death

If a loved one dies, you should look at reviewing your Will as the loss of a loved one may have an impact on who benefits from your estate.

Preparing for the future

Another important part of planning for later life is setting up a Lasting Power of Attorney (LPA). An LPA allows you to appoint the people you trust the most to make important decisions on your behalf when you are no longer able to. Without an LPA, your loved ones must apply to the Court of Protection for permission to manage your affairs – a lengthy and costly process. There are two types of LPA: property and financial affairs and health and welfare. The first covers your finances, such as dealing with bank/utility providers or even collecting benefits on your behalf. It also covers your property and what will happen to it. The second covers choices about your medical care, treatment and care type. It can only be used when you are unable to make your own decisions.