Having a Will is a Start – But Make Sure it is Up-to-Date  

Surveys regularly report that more than 50% of the adult population do not have a Will. This is a shocking statistic and it is hard to think of circumstances where a will would not be beneficial to loved ones.

There is some evidence that some people think that they are either not old enough to have a Will or that their estate has little value and as such do not need a Will. A recent survey performed by unbiased.co.uk and reported in the ‘The Gazette’ covered some of the issues involved with Karen Barrett, Chief Executive or unbiased.co.uk, commenting that:

“We confirmed that people really do want to ensure their loved ones are taken care of after they’ve gone – but that most aren’t doing anything about this. Writing a Will clearly has significant emotional implications, so it’s likely that people delay doing it through a mixture of denial and simply not getting around to it.”

Failing to make a Will means that an estate will be shared out in accordance with the rules of intestacy. These rules can often result in confusion and distress amongst family members, especially if the intestacy rules do not reflect the deceased’s wishes. An intestacy can also result in the estate paying more in inheritance tax.

Drafting a Will

Drafting a Will can be relatively straight forward. Having an understanding of UK law is important given the contents need to be realistic in the context of legal precedent so we do advise chatting to a solicitor who specialises in this area.

Before contacting a solicitor it can be very useful to list out your assets and what you would like to happen to them upon your death.

Making a Will without using a solicitor can result in serious problems and could mean your executor Will need to sort out the mistakes, pay legal costs and could delay the process and reduce the amount of money in your estate. The Will could also be seen as being invalid.

Updating a Will

Things change over time and wills need to be adjusted to take into account these changes. There are some major changes that can result in a need to update a Will such as:

• Buying a house
• Having children
• Getting married or divorced
• Receiving an inheritance
• Changes in financial circumstances
• Or simply that your wishes have changed over time

Changing a well drafted Will is a relatively straightforward process but again a solicitor should be consulted given they can provide considered advice on how the wording should be drafted to comply with current UK law.

To discuss you particular needs relating to Wills and Probate please contact us and one of our specialists from either our Uxbridge, Ruislip or Greenford offices will provide suitable advice.