This week marks Update Your Will Week, in conjunction with The Association of Lifetime Lawyers. Their research shows that 49% of adults do not have a Will in place. Whilst 1 in 10 adults in the UK have started making a Will, but they haven’t finished the process. A common misconception is that if you have at least written your wishes down, this will be enough but there are strict formalities for a Will to be considered valid.
Many of us may know we need a Will but these are some of the reasons that it should be prioritised during “Update your Will” week:
- If there is no Will, the Intestacy Rules apply. It will be determined by your family structure and depending on the value of your estate. If you are unmarried, but in a relationship, the rules of intestacy would not allow your partner to inherit or benefit. Even for married couples, the Intestacy Rules may not result in the division of your estate that you would expect so it is always best to prepare a Will bespoke to your own wishes.
- If you have children who are under 18, you should consider who you want to look after them and separately who should look after your money for them. These would be named as guardians and executors under your Will and would legally allow them to take on these roles.
- You may want to consider putting your estate in trust to protect either assets or beneficiaries. This could be for children with additional needs who would struggle managing their money or to provide for children from previous relationships whilst still supporting your spouse or partner.
Some of you may already have Wills in place but you must not become complacent, here are some often missed opportunities to review your Will which can result in disastrous consequences:
- If you have married since your last Will was written, this Will has been automatically revoked by your marriage (unless you have stated otherwise.) This can be a nasty surprise so after the honeymoon, it’s time to review your Will!
- If you have sold an asset you have left in your Will, this could make the gift to the beneficiary invalid so it is always important to review the terms of your Will after any changes to your assets and estate.
- If your relationships with your chosen guardians or executors have changed. You should consider whether these individuals still remain the most appropriate persons to manage your estate or look after your children.
Gardner Leader makes the process of preparing a Will straightforward. We offer a 30 minute free consultation to discuss your circumstances and this can either be carried out in person or via video call. We can therefore work round your schedule. We will then send your relevant documents via email or post. We also offer the flexibility of signing your Will in our office or we can post it to you with detailed guidance on how to sign your Will in compliance with the relevant legal formalities including ensuring it is witnessed correctly.
If you have any further questions or feel now is the right time to consider your Wills, please do get in touch with our Wills, Probate and Estate Planning team.