What is a Will? A Will is a legal document setting out:
• who should administer your estate after your death – your Executor(s)
• who should receive the benefit of your estate – your Beneficiary(ies), and
• who should look after your children until they reach 18 – their Guardian(s)
Do you need to have a Will prepared? Ask yourself these questions:
• Do you know who you want to deal with your finances after your death?
• Do you know who you want to receive your money and belongings?
• Do you have young children?
• Are you separated from your spouse / civil partner?
If you answer yes to any of these questions, then you should have a Will prepared to ensure your future wishes are carried out.
It can feel daunting to have a Will prepared and you may feel uncomfortable just thinking about it, but receiving advice specific to your situation and that of your family can put your mind at rest and allow you to get back on with enjoying life.
If you do not have a Will, then a fixed set of rules are used to make these decisions for you. These are the Intestacy Rules. These rules have not kept pace with the changing face of society and do not take account of your particular personal circumstances. As a result your estate may not go to those people who you would choose to benefit.
The TSP Wills and Estates team can help you with
• Preparing new Wills and updating existing Wills
• Advance Directives for Healthcare (Living Wills)
• Statutory Wills for those who are mentally incapacitated