September is Wills Month, making it a good time to think about whether you have a will in place and whether your existing will still reflects your current circumstances.
When people think about making a will, they often focus on what happens to their home, savings and other assets. But a will is about more than deciding who receives what.
It gives you the opportunity to make some important decisions now, so there is greater clarity for the people you care about in the future.
Here are five reasons to make a will or review the one you already have.
1. You can choose who will manage your estate
Your will allows you to appoint an executor to administer your estate and carry out your wishes.
Depending on your circumstances, your executor may need to deal with property and other assets, pay debts and expenses, and distribute your estate to your beneficiaries.
If you have children under 18, your will can also provide for the appointment of a testamentary guardian. Choosing the right people for these roles is an important decision and one worth considering carefully.
Having a will means you can choose the people you trust to take on these responsibilities.
2. You can provide for the people who matter to you
Every family is different. You may want to provide for your partner, children, grandchildren or other family members. There may also be particular circumstances within your family that need to be considered.
A carefully prepared will allows you to set out who you would like to benefit and gives you the opportunity to have your individual circumstances taken into account.
3. Your will can reflect the things that have meaning
When we think about what we leave behind, it’s not always the things with the greatest financial value that matter most.
Jewellery, photographs, artwork, family recipes and treasured heirlooms can carry memories and meaning and may be particularly important to certain members of your family.
When making or reviewing your will, you may want to consider whether there are particular belongings you would like to pass on to someone special. Including these wishes in your will can help provide some clarity for your loved ones and give them a better understanding of what you would have wanted.
4. Your circumstances can change
Life does not always follow the path we expect.
Someone named in your will may die before you, children may still be young when they inherit, or your family and financial circumstances may change.
You may have married, separated, had children, bought or sold property, or experienced another significant change since your will was prepared.
Reviewing your will from time to time, particularly after a significant change, can help ensure it continues to reflect your intentions.
5. You can make things easier for the people you leave behind
Having a will means your loved ones can have a clear understanding of what you wanted to happen to your estate. Without one, decisions about your estate may need to be made in accordance with the law, rather than your own preferences.
A properly prepared will can also provide direction about who you would like to benefit and how your estate should be dealt with. This can give your family greater confidence about what happens next and allow them to focus on what matters at a difficult time.
Making a will is not just about planning for the future. It is a thoughtful way of looking after the people you care about.
Is it time to make or review your will?
Wills Month is a good opportunity to check that your will still reflects what matters to you. If you don’t have one, or it’s been a while since you last looked at it, this could be a good time to revisit it.
Our relationships, family circumstances and priorities can change over time, and your will may need to change with them. Taking a little time to make sure it still reflects your wishes can provide reassurance for you and your loved ones.
If you’re thinking about making or updating your will, get in touch with our experienced Wills and Estates team. We can help you understand your options and make sure your will continues to reflect what’s important to you.
This article is brief and general in nature. You should not treat it as legal advice and should seek professional advice before taking any action in relation to the matters dealt with in this post. Armstrong Murray accepts no liability for losses suffered by any person or organisation who may rely directly or indirectly on this post.
