Regardless of your health or financial status, if you wish to pass your assets (savings, company pension, property, shares, a business) on to family, friends and/or charities that are meaningful to you, a properly worded and valid Will is the only way to be certain they will go where intended.
Many people choose to create or update a Will after a significant life event, such as buying a new home, getting married or the birth of a child. Essentially there is no ‘right time’ to act when considering your Will, but taking the time to do so will ensure that the interests of the people and organisations that you value are protected in the future.
If you die without a Will or if your Will is invalid your estate is distributed under intestacy rules. These rules set out a strict order of who can inherit your estate, which may go against your family situation; no provision is made to unmarried partners, cohabitees or ‘stepchildren’ under these rules. In the case one is not married with no children or living blood relatives, the Crown will receive the estate of the intestate. Making a legally valid Will ensures you have control over who is to inherit. This should ideally be reviewed every few years to ensure your wishes suit your current situation.