Estate planning is of paramount importance and is something that should not only be done, but should also be kept up to date as our lives change. Sadly, because it forces us to deal with a subject that not all of us are comfortable with, so many of us are completely without a will, let alone an up to date version. If you are wondering why it is so crucial that you prepare a will, perhaps this may help put things into perspective.

Preparing a will is the only way to ensure that your wishes with respect to your property are carried out upon your passing. If you do not have a written and valid will, your property will be subject to the law of intestacy, and as such, it may not pass to the beneficiaries that you intend. Even if it does, it likely will take much longer to get to them. (See legal requirements for a valid will in our "DIY Wills" article.)Lack of estate planning can cause arguments and even the breakdown of relationships. Due attention to these issues during your lifetime will ensure that your relatives, friends, and charities receive what you intend for them to receive. Remember too that it is just as important to update your will as you encounter life altering events in life such as marriage, divorce, the birth of a child or grandchild, death of a spouse, etc.

It is advisable to hire an estates solicitor when considering how you want to divvy up your assets upon death. They can help you to analyze the many legal and tax implications depending on the size of your estate and the value of certain assets. For a relatively nominal fee, hiring a professional to help with writing your will and estate planning can let you rest assure that your dependants and beneficiaries are safeguarded by reducing inheritance tax liability. These tax laws are complicated, ever-changing, and can have an enormous effect on how much beneficiaries are actually entitled to versus what you intended for them to be entitled to.

In addition to leaving outright gifts to your beneficiaries, there are many other options you may want to consider. These include, but are certainly not limited to leaving conditional gifts or setting up trusts in your will. In order to better understand these concepts, talk to your estate planning solicitor today.

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