When did you last review your will?

Making a will enables you to protect your loved ones after your death and ensure your estate will be dealt with according to your wishes. However, with an outdated, or worse, no will in place, you risk arrangements being made against your current wishes.

What is a will?

A will is a legal-binding document which outlines who will inherit your estate and what should happen after your death. This may include:

• Your desired funeral arrangements.
• How your personal effects may be distributed amongst your beneficiaries.
• Who should bring up your children.

Should you not have a will in place at the date of your death, your estate will be distributed according to strict rules, meaning the people you care about may stand to lose out. Therefore, it is of great importance to ensure you have a valid will in place that takes into account your current beliefs, wishes and considerations.

The arrangements outlined in your will are handled by the individual(s) that you have previously appointed as executors of your will. This role carries great responsibility, ensuring your estate is distributed correctly, paying off any debts and mediating in any disputes. It is therefore important, to choose someone who is happy and capable of meeting these demands. Most appoint family members or friends, but if you have a complex estate, it may wise to consider a professional executor, such as a solicitor.

When to Review Your Will

As with all areas of financial planning, it is important to review your will frequently and update this after any big changes in your life, for example:

• When you have an unmarried partner who should inherit from your estate.
• When you get married, and your old will is invalidated (in England and Wales) or does not include your new spouse (in Scotland).
• When you have a child so that you can appoint a guardian.
• If you get divorced, as your previous will would not automatically be invalidated.
• When a change in circumstances alters your previous wishes.

Writing Your Will

When it comes to physically writing or updating your will, it is possible to do so yourself, however, if you have a complicated estate or require assistance, we recommend that you enlist the support of a solicitor or expert will-writer. In England, Wales and Northern Ireland, two witnesses are required. Both witnesses need to be in the same room with you when you sign the will.  An invalid will could result in your wishes not being met after your death. If you do not have a will in place or think you may need to review yours, our specialist will writers are at hand should you require support.

We can help you get your affairs in order and provide you with the expert advice you need. Get in touch today on 0117 450 1300.