Why do you Need a Will?

Last Will & Testament

On the 19^th of May 2018, Prince Harry married Meghan Markle at Windsor Castle. In the early morning of the 6^th May 2019, the couple welcomed the arrival of baby boy, Archie Harrison Mountbatten-Windsor.

The marriage of Prince Henry of Wales to American Actress, Meghan Markle, marked many historical changes for the royal family in 2018. Meghan is the first black woman and divorcee to marry into the royal family - something that would have been very controversial decades ago. Almost one year on, having given birth to the first half-American, mixed-race royal baby in close succession to the throne, the family-of-three are continuing to break traditions and lead the way towards a more modern monarchy. The couple decided against giving their baby a royal title and also chose to double-barrel his surname to honour his great-grandfather, Prince Philip - something that we haven’t seen in the royal family before now.

The birth of Archie Harrison Mountbatten-Windsor highlights the importance of planning ahead and the ever-changing dynamic of family structures. We are continuing to see a substantial increase in the changing patterns of family life with more blended families, cohabitating couples and people emigrating overseas.

Significant life events like these can significantly impact your wishes after you pass away.
They can also influence the estate administration process by making it more problematic, especially if you do not have a valid Will in place.

Only 26% of adults with Children Under 4 Have a Will

Recent research has shown that only 26% of adults with children aged 4 years and under-reported that they have a Will. Without a Will, your estate will be distributed under the rules of intestacy. This would mean that your spouse or civil partner would not automatically receive all of the estate if you have any children, grandchildren or great-grandchildren.

Your spouse or civil partner would receive the first £250,000 of your estate and then half of everything remaining above this amount. The other half would be distributed evenly to your offspring.

The Value of Having a Will

It’s important to remember the value of having a Will and updating it regularly, regardless of your wealth, age or status.

Leaving your estate to the rules of intestacy can lead to your assets being distributed in a way that does not reflect your wishes and may cause unwanted family disputes.

Planning for your future and ensuring your wishes are heard is essential as it can help eliminate any unnecessary stress for those you leave behind. Using expert and trusted advice will help remove the strain of handling a loved one’s affairs and will allow your family the time and space to reflect and remember.

Why Do You Need a Will?