10 good reasons why you should make a Will! – Dentistry Magazine
Published in the Dentistry Magazine 16/09/10 www.dentistry.co.uk
Almost 1 in 3 of the population fails to make a will leaving no provision for when they die, largely under the mistaken belief that “my other half will get everything when I die anyway”. Not true! This will certainly not be the case if you are living with a partner and, even if married; set rules still apply if you die intestate.
A well-drafted will should deal with the following:
1. Your choice of Executors – the people who are actually going to handle your estate.
2. Trustees – to look after any money in your estate on behalf of your children until they come of age or on behalf of a member of the family with a disability.
3. The provision of guardians to care for your children and be responsible for their education and welfare.
4. Personal effects – those precious mementoes that you would like a particular family member to receive.
5. Cash legacies to friends and family.
6. Any provision you may wish to make for your favourite Charity.
7. Your funeral wishes.
8. How the family home is to be maintained and run when you are gone particularly if it is to be put in trust.
9. Clear instructions as to who is to inherit your estate and in what shares.
10. A ‘catch-all clause’ in case something happens to both you and your immediate family in a common accident.
Remember too that marriage automatically cancels any will you may have made beforehand unless it has been made in contemplation of that marriage. Divorce won’t have the same effect, but the appointment of your ex-spouse as an executor and/or beneficiary will fail and that may lead to unforeseen consequences-even an intestacy.
So be prepared and remember to review your will every time your personal or financial circumstances change. It will make things much easier for your loved ones and save them money too…