Wills – Things to Consider
The subject of death is one that many of us don’t want to think about, especially the death of a loved one. Putting a Will in place is, however, the only way to ensure that your wishes are carried out after your death.
What is a Will?
A Will is a legal document outlining your wishes in the event of your death. This could include who cares for your children, what happens to your property and how your finances are distributed. Whether you are married, in a relationship or single, it is important to consider making a Will.
What to consider when making a Will:
Executors – you can decide who you trust to carry out your wishes and deal with the administration of your estate.
Guardians – you can choose the people who you would like to care for your children until they reach the age of 18.
Pets – you may want to specify who should look after your pet.
Gifts – you can choose who you would like to receive specific personal items or amounts of money and include any monies to charity.
Vulnerable people – you could make decisions in your Will to protect any vulnerable loved ones.
Main beneficiaries – you can decide who will benefit from your property and money.
Funeral – you can specify whether you would like to be buried or cremated and any specific wishes for what will happen to your ashes
Different types of Wills:
There are different types of Wills, designed to meet different situations. For example:
Single Will – for individuals or for a couple who have different wishes.
Mirror Will – for a couple who have almost identical wishes.
Trust Will – for an individual or couple who wish protect their interest in property or in money for specific beneficiaries for their lifetime or until they reach a certain age.
I’m married, will everything just go to my spouse?
If you die without making a Will, your spouse will not automatically receive everything. This is called dying ‘intestate’ and the rules of intestacy dictate who can administer your estate and which relatives may benefit from your estate. If you have children, your spouse may not automatically receive everything.
I’m not married, will my partner inherit my estate?
Unmarried couples have no legal rights to each other’s estates, so it is really important to have a Will in place to make sure that your partner gets what you would want them to in the event of your death.
I’ve separated from my spouse, what should I consider?
It is important to consider who you would like your beneficiaries to be if you are separating or getting divorced. You may not wish your spouse to inherit your estate and instead leave assets to your children or other family members. Without a Will the Rules of Intestacy apply meaning your estranged spouse will be entitled to inherit from you as the main beneficiary of your estate. The Rules of Intestacy does not differentiate between a happily married couple and an estranged couple on the verge of divorce.
If you already have a Will naming your spouse as an executor or beneficiary, then on your divorce being finalised, it is treated as though that person has died before you and their role as executor or as a beneficiary will not take effect.
You may also need to look at the ownership of assets to ensure that they will not pass automatically to your spouse and will instead be distributed according to the terms of a new Will.
