Will & Estate Planning

It is a common misconception that Wills and Estate Planning is something that you do later in life.  This is not the case.  There are a number of reasons why now may actually be the right time to ensure you have a Will in place. 

Unmarried Couples Living Together

Many people believe that their long-term partner will have the same rights as a married couple.  This could not be further from the truth.  Whilst they may be entitled to make a claim against your estate, they are not automatically provided for. 

The safest way to ensure that your partner is provided for when the worst happens to you, is to provide protection for them in your Will now.  This could be by leaving them a benefit in your property, the right to reside in your property or money in your accounts etc.  

Protection for Children of Separated Parents

As a parent our goal in life is to protect and provide for our children.  The best protection for your child is to make sure you have a Will in place outlining your Executors, Trustees and Guardians. 

Should you die without a Will in place and whilst your children are under the age of 18, the Law of Intestacy takes over which means your former partner would become the Trustee of your estate for the benefit of your minor children. 

Your former partner would also be responsible for administering your entire estate. In many circumstances this may be a worrying thought.

If you are separated and have minor children, now is the time to make a Will.

Wills on Divorce or Marriage

Did you know that the act of Marriage revokes any Wills made prior to the date of Marriage?  

Are you aware that Divorce doesn’t revoke Wills made during your Marriage? Any Wills made during your marriage remain valid, therefore it is important to ensure that you update your Will to reflect any changes you wish to make as soon as possible.

Property Protection Trust Wills

There are a number of ways you can protect your share of a property, including putting it into a trust. If you want to ensure that a specific person inherits your share of your property, you can use a will to name them as your beneficiary. 

You can also provide for a loved one to live in your property after your death whilst still safeguarding it for your beneficiaries.  It is important to take steps now to protect your property and consider protecting your share against possible care costs in the future.