The Importance of Making a Will - and Keeping It Up to Date
A Will is a vital legal document that sets out how your property, money, and possessions should be dealt with after your death. More importantly, it ensures that your wishes are followed and helps protect your loved ones from unnecessary stress, expense, and legal complications during an already difficult time.
Christmas is often a time when families come together, reflect on the year that has passed, and think about the future. These moments naturally prompt conversations about loved ones, responsibilities, and long-term planning, which is why many people find themselves thinking about making or updating a Will at this time of year. Taking steps now can provide reassurance and peace of mind as you head into next year.
Many people delay making a Will, often believing it’s something they can deal with “later.” However, if you die without a valid Will, your estate will be distributed according to the rules of intestacy. These rules dictate who inherits your estate and in what order. The outcome may be very different from what you would have wanted. In addition, administering an estate without a Will can be a lengthy and costly process for those left behind.
Why Making a Will Matters
Creating a Will offers clarity, protection, and peace of mind. Some of the key benefits include:
Saving time, money, and stress for your loved ones by providing clear instructions.
Appointing an executor - someone you trust to manage your estate and ensure your wishes are carried out correctly.
Deciding exactly who inherits your assets and how they are shared.
Avoiding intestacy laws, which may not provide for unmarried partners or others you wish to benefit.
Naming guardians for minor children, giving you control over who will care for them.
Making arrangements for pets, ensuring they are properly looked after.
Reducing the risk of family disputes, as your intentions are clearly set out.
Leaving a legacy, including gifts to charities or causes that are important to you.
Keeping Your Will Updated
Writing a Will is not a one-off task. Life changes, and your Will should reflect those changes. It is generally recommended that you review your Will every three to five years, or sooner if significant events occur, such as:
Marriage or entering a civil partnership
Divorce, annulment, or dissolution of a civil partnership
The death or unsuitability of an executor
The death of a beneficiary
Gifting or selling property named in your Will
A substantial change in the value of your estate
The birth of children or grandchildren you wish to include
The safest way to update your Will is to make changes to the original document, ensuring all copies remain consistent and legally valid. Altering photocopies or scanned versions can lead to confusion or errors. It’s also important to store your Will securely while ensuring it can be accessed when needed. Many people choose to store their Will with a regulated professional, such as a solicitor, for added peace of mind.
If you would like advice or assistance with making or updating a Will, our experienced Will and Estates Team is here to help.