Think. Think about your Will

These may not quite be the words of Aretha Franklin’s famous “Think” but the sentiment rings true. At the moment, her children are currently battling over the discovery of an Aretha Franklin Will for their mother and, indeed, whether the Wills which have been found are valid.  It is envisaged that this will be a lengthy, not to mention costly, process. So should you consider making a Will to ensure your family does not end up in this situation? Undoubtedly, the answer to that is yes. Read on to find out more.  

Why should you prepare a Will? 

Preparing a Will provides you with peace of mind and comfort in knowing that your property, money and possessions are going to be made over to who you choose. Without one, the law dictates who inherits your assets.   

Having one allows you to appoint who you trust to become an Executor of your estate when you die. The Executor is the person who will carry out your wishes and implement the terms of your Will.   

Reasons you should have a Will  

• If you have young children under the age of sixteen, you can appoint a Guardian(s) to look after them in the event you should pass away.   
• The age for a person to inherit is 16 years old. A trust clause can be included if you have children which would allow them to inherit at a later age.  
• You can include that specific heirlooms, jewellery etc be made over to certain individuals.  
• Funeral instructions can be included to advise your family whether you wish to be cremated or buried and whether you have any specific instructions.  

Tailored to you 

You can choose how simple or complex your Will should be and what is contained within it. For instance, your Will can simply narrate who your executors should be, who should inherit your estate and your funeral instructions. Alternatively, you can include all of this together with more complex instructions such as specific legacies, trust ages and advanced funeral instructions. 

Who should have a Will? 

Everyone. It is a common misconception that you should only have a Will if you have accumulated significant wealth or if you are elderly. However, everyone should have a Will because, without one, you have no say in who should inherit what is in your bank account, your property or simply your personal possessions.  

If you already have a Will, we would highly recommend reviewing the content of this every few years to ensure that it is still reflective of your wishes.  

Times to Look at Reviewing or Preparing Your Will 

• When you purchase your first home or move home 
• If you separate or divorce your spouse 
• If you inherit any money or possessions from a family or friend’s estate 
• If you or a member of your family or friends become ill 
• If you get married 
• If you have children 

We are an award-winning firm, having won Family Law/Private Client Firm of the Year 2022. We offer expert, bespoke advice tailored to you and our friendly team would love to discuss how we can help you and your family. Contact us today.