Despite its importance, only 47% of people in England and Wales have executed a will according to a recent survey conducted by the charity, Will Aid. A will is actually a legal document that comes into effect when you die and records how you want your Executors to deal with your Estate.
When drafting up a will this should deal with:
A will is extremely important when couples are not married as the surviving partner will not automatically receive any benefit from your Estate. In addition, any step-children or friends do not have any legal entitlement to your Estate. If you die without having a will in place it means your Estate will be administered in accordance with the Intestacy rules, which are often more complicated and the administration can be more expensive.
A will is a vital document enabling you to plan for the future by protecting your assets for the next generation. For example, if you have children from a previous relationship or if you may need care in the future, incorporating a trust structure in your will can protect the capital for your children or grandchildren whilst also providing security for your spouse.
Once you execute a will, it is important and essential to keep it up to date whenever significant events occur, for example if you have any children, divorce or an Executor and/or beneficiary dies in your lifetime.