A Will is a legal document that allows you to choose what will happen to your money, property, and possessions (known as your estate) when you die.
Your Will can determine who should be responsible for dealing with your estate, this person is known as the Executor of your Will and their role will be to ensure that your wishes are fulfilled.
Why it is important to have a Will?
The main reasons are as follows:
What will happen to an existing Will following Divorce or Separation?
Following a divorce (if the Decree Absolute is issued) your ex-spouse would no longer benefit from the Estate, that is unless you specifically requested this. Anything your spouse was set to inherit, would automatically be passed on to the next beneficiary named in your Will. If no other beneficiaries have been named, then the Estate would be dealt with as if you did not have a Will. This is known as dying “intestate”.
If you are separated and awaiting a divorce at the time of death (and the Decree Absolute has not yet been issued) then your spouse would still have a claim on the Estate but in reality, this only relates to pension sharing provisions.
What will happen to an existing Will if I get Married?
Once you get married your existing Will would become void (that is of course unless specific provision is made in the Will regarding your previous spouse).
If you are thinking about making a Will please complete the Contact Form and we will be in touch.