You’ll often hear about the importance of having a Will, but what actually is it and what does it do?
A “Last Will and Testament”, as it’s more formally known, is a legally binding document that lets you decide what happens to your estate following your death. It gives authority to the people you choose to appoint to be able to deal with the administration of your estate and also gives them instructions on how to distribute it.
When most people hear the word “estate” they immediately think of a large area of land, often containing some form of manor house or stately home! But, in this context, it simply means everything that a person owns at the time of their death. This can include property, land, money, investments, business interests, digital assets and all their personal possessions.
Interestingly, the first use of a Will can actually be traced back to Ancient Greece and Ancient Rome, where they were used to transfer possessions between male citizens and their heirs. Society has obviously developed hugely since then but, although the process of creating a Will has changed significantly over the years, the importance of such documents has clearly stood the test of time!
Making a Will not only gives peace of mind to the testator (the person who made it) but also offers clarity and direction to those left behind. As mentioned earlier, a Will contains the appointment of those who should deal with your estate (Executors) as well as detailed instructions for the distribution of everything that was owned but it also includes so much more than that. It can be used to appoint guardians for minor children, to designate care for pets, to deal with business interests and to express a person’s wishes for their funeral, as well as to create trusts to protect particular assets or to preserve benefit for children or vulnerable beneficiaries.
Our modern world offers so much more in the way of choice for our final decisions but, at the same time, it could be argued that our lives have become much more complicated, with huge differences in the concept of wealth and more complex family structures. Despite these added complications, the need to protect what we have remains the same and the best way to do this, is by making a Will.
If you are interested in securing your legacy and protecting your loved ones by planning for the future, please do get in touch. I’d be happy to help.
