What is a will?

In England and Wales, a will is a crucial legal document that outlines your wishes for the distribution of your estate and the care of your dependents after you pass away. It is also known as your last will and testament and is a legally-binding document if prepared properly.

Many people do not have wills, with estimates suggesting that as many as 60% of individuals do not have this important document in place. Without a will, your estate will be distributed according to strict rules, potentially leaving your loved ones without the inheritance you intended for them.

There are several reasons why making a will is essential. One key reason is to name guardians for your children in the event of your passing. Without a will, the decision of who will care for your children could be left to the family courts, potentially resulting in an outcome you would not have chosen.

Additionally, making a will allows you to provide for your dependents financially, protect your unmarried partner, revise beneficiaries from trusts and insurance policies, safeguard your family home, and avoid family disputes that can arise from intestacy.

It is important to review and update your will regularly, especially after significant life events such as marriage, divorce, the birth of a child, or the acquisition of significant assets. By making a will, you can ensure that your wishes are carried out and that your loved ones are provided for according to your intentions.