Why is a Will Important?
It is sensible to make or change your Will after any significant changes in your life. For example, you should make a new Will if you are getting a divorce. Without a valid Will you cannot control who will inherit your property after your death. Should you die intestate (without a Will), your property will be distributed according to law, which is likely to be inconsistent with your personal wishes. In some cases your estate may go to the Crown instead of the people you want to benefit.
By making a Will you can determine precisely who will inherit your property and let your loved ones know that you have considered their needs. Equally important, you can determine who will administer your estate and who will act as guardian for any minor children you have, if they are left without a surviving parent.
You can also use your Will to express your preferences for burial or cremation and for donating organs or your entire body for medical purposes. In addition, making a Will gives you the opportunity of reducing your Inheritance Tax liability. This is particularly important if you have substantial assets or a highly valued home.
When you die leaving a valid Will that appoints one or two executors who are still living at the time of your death, legal ownership of all your property passes automatcally to those executors. In order to prove that they have the right to deal with your property, they must apply for a legal document confirming their right to do so from the Probate Registry. This process is called obtaining probate.
“The LifeTime Wills format made it possible for us to make provision for every conceivable eventuality”
Mr R T Lewis,