Wills and Codicils
You should consider making a Will to ensure that your estate is dealt with by someone you trust and that your assets pass to the people you wish to benefit from your estate. If you have young children you can also appoint guardians in your Will.
If you did not make a Will then your estate will pass under the laws of intestacy and this may mean that it passes to people who you do not wish to benefit from your estate. If you had no living relatives then your property will pass to the “Crown” rather than benefitting people or charities of your choosing.
When making or reviewing your Will
you need to consider the following points:-
If you already have a Will you should review it at least every 3 to 5 years and definitely will need to update your will if you have experienced such occasions as marriage, divorce, separation, having children, the loss of a partner/spouse or person named as a substantial beneficiary in your Will. If your estate has increased in value you will need to consider inheritance tax planning and should update your existing Will.
If upon reviewing your Will only small changes are needed to be made then this can be done by way of a Codicil.
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