The Importance of Having a Will: Protecting Your Assets and Family:

Many people assume they do not have enough assets to need a will but it is important that everyone at least considers making one. Without one, inheritance can become complicated and tense potentially leading to family conflicts. A will can help relieve this stress and simplify the process.

Advantages:

• A will allows for you to choose who is entitled to what rather than the intestacy rules allocating assets.

  - Under these default rules, assets are distributed in priority order with parents at the top of the list after a spouse/civil partner.

  - This is of course a very simple explanation of the intestacy rules.

• For people in long-term relationships not in a marriage/civil partnership this is particularly important as they are entitled to nothing under the intestacy rules.

• A well structured will can also help manage inheritance tax. It can specify who is responsible for paying it, which can ease the financial burden on some beneficiaries.

A will is not a one time document, it should change as your life changes. For example, getting divorced then remarried will revoke any previous wills meaning another will need to be made and executed.

This is true especially for cohabiting couples. Many believe that being in a cohabiting couple makes them common law spouses. However, this is a myth and does not entitle either party to anything on death or separation. Cohabiting couples should make sure to include their partners in their will if they want to as the law entitles them to almost nothing. The will should also be updated to reflect any changes. There have been calls for change but the government has not announced any plans for reform.

It is not necessary to use a solicitor to draft a will but the more complex the assets the wiser it is. This makes sure all legal requirements are met, so that the intestacy rules do not apply.