Estate planning involves much more than simply drafting a will. The primary purpose of an estate plan is to help you examine your financial needs and assets in order to make sure that your heirs are provided for in the best possible way.
Having an up to date will is important for several reasons:
- it allows you to appoint a guardian for your children
- it ensure your assets pass to the people you wanted to benefit
- it avoids you dying “intestate” (without a will) which means your property is divided amongst your family according to a set formula. This might be quite different to what you intended.
- It lets loved ones know your funeral wishes.
It is important to review your will regularly, but it’s especially important when you have children, separate or marry.