A Will ensures that your assets will pass to those you wish to inherit. Under a Will you choose people you trust to administer your estate (your Executors), they will be responsible for ensuring your beneficiaries receive their inheritance.
If you do not make a Will then the Rules of Intestacy will apply to your estate on your death. This may mean that those you would have wished to inherit may miss out, whilst people you would not wish to benefit do inherit from your estate.
If you already have a Will, it is important to make sure it still reflects your wishes. Circumstances and relationships change so it is best to think about your Will every few years, and in particular:
- If you are getting married or divorced (marriage revokes your Will unless made specifically in contemplation of that marriage. In the case of divorce, your ex-husband or wife is treated as having predeceased you for the purpose of your Will, but only once the Decree Absolute has been granted).
- If you co-habit with your partner