Did you know that 52% of adults over 30 don’t have a will?
Without a valid will, you have no control over what happens to your assets when you die. They’ll be distributed according to the rules of intestacy – which might not reflect your wishes.
Wills aren’t just for the wealthy with lots of assets, either. Anyone can benefit from a will, especially if you own a property, have children, or want to pass on sentimental items.
If you already have a will, it’s vital to keep it up to date as your life evolves to make sure your wishes are known.
Find out more about the importance of having an up to date will here, or get in touch with our lawyers to discuss your will.
Why is a will so important? 8 reasons to update your will
1. Control over your assets
Perhaps the most important reason to have an up to date will is the control it gives you. A valid will outlines what you’d like to happen to your assets after you die. This could include property, businesses, possessions, charitable donations, and more. You can outline exactly what you’d like to go to who. A valid will is legally-binding, so you can be sure that your wishes will be followed.
2. Choosing executors
Your will also enables you to appoint executors. These are the trusted people who are responsible for distributing your assets according to your will.
3. Avoiding intestacy rules
If you die without a valid will, your assets will be divided according to the rules of intestacy. This is a set order of distribution, which may not align with your own wishes. For more information on the law of intestacy, please click here.
4. Reducing stress for your loved ones
Having a will that clearly sets out what you want provides certainty. This can go a long way to reducing stress for your loved ones at a difficult time. It also reduces the chance of disputes over your estate.
5. Protection for unmarried partners
If you and your partner are not married, they will not automatically inherit anything from you upon your death. So, if you are unmarried but have a partner, having a valid will is vital to ensure they inherit from you according to your wishes.
6. Thinking about children
If your children are still minors, or you have older children who are dependent on you because of a disability for example, your will can set out who you’d like to care for them in the event of your death.
7. Reducing inheritance tax
With careful planning in your will, you may be able to reduce the amount of inheritance tax payable on your estate. Contact an expert lawyer for more information.
8. Peace of mind
Having a will in place – and regularly reviewing it – can give you peace of mind that your loved ones are provided for, and your assets will be divided exactly how you’d like them to be upon your death.
What you can expect with Setfords
Ultimate flexibility: Our lawyers can tailor their schedules to meet your needs.
Nationwide coverage: with hundreds of consultant lawyers across the UK, we’ll connect you with the right expert.
Dedicated specialist legal partner: work directly with your chosen lawyer from start to finish.
Highly experienced: Setfords lawyers have an average of 20 years’ experience, so you can be assured you’re in safe hands.
Capacity-based allocation: our lawyers never take on more work than they can handle, so you get the focus and attention you deserve.
When should you update your will?
The contents of your will should evolve as your life does. It’s best practice to review your will every five years to ensure it reflects your current situation and wishes. Aside from this, you should also review it after any major life event, such as:
- Getting married or entering a civil partnership
- Getting divorced or dissolving a civil partnership
- Becoming a parent or grandparent
- Buying a home
- A change in your financial situation
- The death of a beneficiary or executor
- Starting a business
- You or a beneficiary obtaining a Gender Recognition Certificate
- Moving to a different country
Also, you may simply change your mind about what you want to put in your will. If this happens, you should update your will as soon as possible to ensure that your new wishes are carried out. If your will is still valid but hasn’t been updated to reflect your new wishes, it will be followed upon your death even if you have changed your mind.
Common myths about wills
Wills are only for the elderly, I’m too young to need a will
Wills aren’t just for the elderly. Any adult can benefit from having a will, especially if you own a home, have other assets, or have children.
Wills are only for the wealthy, I don’t have enough assets
A will isn’t only useful for those with lots of assets. It allows you to specify who gets sentimental items, appoint guardians for your children, and ensure your wishes are followed, regardless of the value of your assets.
My family knows my wishes, so I don’t need a will
Verbal wishes aren’t legally binding. A will is a legal document that provides clear, written instructions to ensure your wishes are carried out. It also helps prevent disputes between family members after your death. Even if you’re confident that your family knows your wishes, having a valid will gives everyone peace of mind.
A homemade will is just as good as one made with a lawyer
It’s easy to make mistakes in a DIY will. Mistakes can make it invalid or cause disputes after your death. For peace of mind, making a will with a lawyer ensures that it’s valid, addresses any potential issues, and makes sure you’ve considered all your options.
Writing a will is complicated
It’s true that more complex estates can need more extensive planning, but for most estates creating a will is often easier and more affordable than you think! Working with an expert lawyer makes all the difference, ensuring your will is valid and providing peace of mind for you and your loved ones.
If it’s been a while since you last looked at your will – or you don’t have one yet – now is the time to take action. At Setfords, our expert private client lawyers are here to provide personalised support no matter where you’re located. We’ll make the process simple and stress free, so you can plan for the future with confidence.
Get in touch today to discuss the next steps.
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