If writing your Will is on your to-do list, chances are you’re not alone.
Figures show that almost half of UK adults (49%) don’t have a Will, and one in ten adults in the UK have started writing a Will but haven’t finished it yet.
The importance of having an up-to-date Will cannot be understated.
A Will is a legal document that sets out what happens to your money, property and possessions after your death.
Making a Will is the only way you can ensure that your wishes are carried out and that your loved ones are taken care of after you pass away.
An up-to-date, well-drafted Will is essential if you have children, own a house or have a pension.
Odds are, if you’re an adult in the UK, you need one.
At Bowsers Solicitors, we‘re proud to support Update Your Will Week, an initiative of the Association of Lifetime Lawyers, that aims to highlight the importance of having a Will and encourage people to make theirs.
This year, the annual campaign runs from Monday 3 March until Sunday 9 March.
To mark the event here, our Will Writing Solicitors in Cambridgeshire explain why it’s important to not just have a Will, but to keep it up to date.
1. Continues to reflect your wishes.
Life is constantly evolving, and our wealth, family circumstances, and priorities usually shift over time.
A Will that you made in your thirties is unlikely to reflect the position you find yourself in your sixties.
It is crucial to remember that a Will is not an unchangeable document. Rather, it should be reviewed regularly so that it is based on your current situation and continues to reflect what you want to happen when you die.
We would recommend that you review your Will every three to five years, or after a significant life event, and update it if required to ensure it remains current.
Major changes that could affect your Will include:
- Getting married or having a civil partnership.
- Getting divorced.
- Births.
- Deaths in the family.
- Changes in your financial situation.
- Buying a house.
- Death of a beneficiary.
- Death of a named executor or guardian.
- Changes in your health.
- New laws or regulations.
2. Remains legally valid.
Did you know that getting married revokes a pre-existing Will in England and Wales?
This is the case unless there is a clause in the original Will that states otherwise.
If you fail to update an existing Will before marriage, or create a new one afterwards, you will have an invalid Will, and your estate will be distributed according to the rules of intestacy.
3. Ensures your loved ones are protected.
One of the main reasons for making a Will is to protect your loved ones.
If you die without a Will, any assets that belonged to you must be distributed according to the strict intestacy rules. This may not be how you expect and may mean people you care about miss out.
Ensuring your Will is kept up to date serves the same purpose: to provide clarity and protection.
4. Decreases the chances of disputes.
Failing to update your Will to take account of any change in circumstance could leave it more open to challenges.
In England and Wales, there are two main grounds for contesting a Will:
- If it is invalid.
- If it fails to make reasonable financial provision for a family member or other person who was taken care of financially by the deceased before their death.
If someone was dependent on you financially at the time of your passing, but you didn’t update your Will to allow for this, they could choose to dispute it.
5. Provides valuable peace of mind.
Reviewing your Will regularly and updating it when required ensures you have the right legal documentation in place to protect you and your loved ones.
Knowing that your Will is up to date provides valuable peace of mind.
Wills Solicitor March and Wisbech
At Bowsers Solicitors, we help clients across Cambridgeshire, Norfolk, and Lincolnshire, write and update their Wills.
Our experienced lawyers take the time to fully get to know you and your circumstances so that the Will you write accurately reflects your situation and meets your wishes.
We offer our Will writing service as part of a broader private client legal offering, which involves specialist advice on all legal issues that may affect you or your family.
Our private client legal services include specialist advice on:
- Court of Protection and Deputyship.
- Estate Planning.
- Lasting Powers of Attorney.
- Living Wills.
- Probate.
- Statutory Wills.
- Trusts.
- Will Writing.
To speak to a member of our team to get started with your Will, or amend an existing one, please call 01945 583194 (Wisbech) or 01354 652606 (March), email reception@bowsers.co.uk or fill in this contact form.
