The importance of having an up to date Will

Why is having a Will so important?

Writing a Will is one of the most important legal processes you will take part in. Having an up to date Will ensures your estate is distributed according to your wishes upon your death.

Whilst this is not something we like to dwell on, ensuring you have a Will in place and making sure it is kept up to date means you can be reassured that your loved ones will be provided for when the time comes. A Will also facilitates a straightforward allocation of your assets and possessions. This is especially important during what can be a very difficult time for your family and friends.

Unsurprisingly, the first wave of the Covid-19 pandemic saw a surge in new Wills and amendments to existing Wills. People focussed on their health and their financial planning.

In the absence of a Will, a person dies ‘intestate’, and the law decides who receives what. This can lead to injustice and disappointment. Intestacy laws are incredibly rigid and were created almost 100 years ago when families and their circumstances were significantly different from today. Nowadays, there is a much greater chance of divorce, children from previous relationships and blended families.

Why do I need an up to date Will?

It is sensible to review your Will regularly. Perhaps every three to five years, to ensure your wishes are still reflected, but also to assess the impact of any changes to legislation or tax laws.

There are other reasons why an up to date Will is important. These include:

• Marriage – In England and Wales, a Will is automatically invalidated upon marriage. If a Will is not reviewed, this could lead to potential disputes. Intestacy rules will automatically distribute the estate between the new spouse and children from a previous marriage. However, in Scotland, a new spouse may not inherit anything as marriage does not invalidate a Will.
• Divorce – Surprisingly, divorce does not automatically invalidate a Will. The current Will remains valid, but the ex-spouse is treated as if they passed away when the marriage or civil partnership ended. This could have an impact on any gifts intended for an ex-spouse.
• Family changes – Wills should be reviewed following the birth of children or grandchildren to ensure they are included as beneficiaries. You should also review a Will following the death of a beneficiary.

Protecting assets and passing them to the next generation

An estimated one in three people in the UK dies without having a written Will in place to protect their loved ones and their assets. We will regularly review your estate planning strategy with you and will work with you and your solicitor to make sure that you have valid Wills in place.

Get in touch to discuss your financial goals for 2021

For specialist financial advice or to arrange an initial no-obligation consultation via telephone or video, please telephone us on 01772 729 742. Alternatively, you can complete our online enquiry form, and we will give you a call to discuss your requirements.