It is sensible to have a Will whenever you want certainty over how your property, money and possessions should be dealt with after your death. A Will can also record matters such as who should administer your estate and, where relevant, arrangements concerning guardians for children. GOV.UK confirms that without a Will, the law determines who inherits your estate.

You should consider reviewing an existing Will following significant changes in your life or finances. These might include marriage or separation, the birth of children or grandchildren, acquiring or selling a business, receiving an inheritance or a substantial change in the value or nature of your assets.

A review does not necessarily mean the Will must be replaced. It gives you an opportunity to check that it still reflects your wishes and wider estate plan.

If you die without a valid Will, you are described as dying intestate. Your estate is then distributed according to statutory intestacy rules rather than according to instructions you have personally set out.

This can be particularly important for unmarried couples, blended families, business owners or anyone wishing to leave assets to people or organisations who may not inherit automatically under those rules.

Preparing a Will allows you to decide who should administer your estate and how you intend your assets to be distributed, subject to the applicable law and circumstances.

Knowing your wishes does not necessarily give a family member legal authority to make decisions on your behalf.

A Lasting Power of Attorney allows you to appoint chosen people as attorneys. A Property and Financial Affairs LPA can cover matters such as bank accounts, bills, investments and property, while a Health and Welfare LPA can cover matters such as medical care and where you live.

Putting LPAs in place while you have capacity can therefore provide greater clarity about who should make decisions and the authority they will have if assistance is required in the future.

Tax is an important part of estate planning, but it should be considered alongside your wider objectives rather than in isolation.

Depending on your circumstances, planning may involve reviewing your Will, lifetime gifts, trusts, property ownership, business or agricultural interests and other assets. Different exemptions, reliefs and tax rules can apply, and trusts themselves may also have tax consequences.

Our Trusts & Estates team can review your circumstances and explain the options available. Where appropriate, we can also work alongside your accountant or financial adviser so that legal and financial planning are considered together.

Not every estate requires the same level of assistance. Some executors choose to deal with relatively straightforward estates themselves, while others instruct a solicitor to obtain the Grant of Probate or manage the full administration.

The process may involve identifying and valuing assets and liabilities, establishing whether Inheritance Tax is payable, applying for the appropriate Grant, collecting assets, settling liabilities and distributing the estate to beneficiaries. A Grant may be required before certain assets can be dealt with.

Professional assistance can be particularly useful where the estate is substantial or complex, includes a business, property or trusts, has tax issues, involves overseas assets or where there is disagreement between beneficiaries or executors.