Why should I make a Will?
Oct 20, 2022
We’re often asked ‘why should I make a Will?’
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We’re often asked ‘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. However, it is always important to use specialist legal guidance.
What should I consider?
When the time comes to make a Will, it is helpful if you have given some consideration to the following:
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:
If you’d like to find out more about making your Will with Walker Foster, give us a call at the office which is most convenient to you or send an email to info@walkerfoster.com.
Powers of Attorney (PoA) and Lasting Powers of Attorney (LPA) provide peace of mind that, should you become unable to make decisions yourself, a trusted person you have chosen will act on your behalf. They will be able to manage your affairs in line with your wishes, ensuring important matters are handled with care and responsibility.
When someone dies, everything they own - known as their estate - must be carefully managed and distributed in accordance with their wishes as set out in their will. This process involves not only passing assets to the chosen beneficiaries but also handling debts, taxes and legal formalities along the way. For many, this can be a daunting and emotional task, especially during a time of grief.
When a loved one passes away, going through the process of administering their estate will always be emotional and complex. But when the original will cannot be found, the situation becomes even more difficult - raising questions about the deceased’s true intentions and creating uncertainty for those left behind.
After talking to clients about the planning of their affairs, we at Walker Foster discovered a common misunderstanding over the difference between an executor and an attorney.
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