Updating your Will
Before the world had even heard of the Covid -19 virus, around 54% of the population in the UK had not even considered writing a will let alone updating a will.
With the pandemic causing ongoing fear and worry, there has been a surge in people looking for legal advice on writing a Will, and getting their affairs in order. However, for those who are vulnerable and currently self-isolating, this is more difficult than usual with professionals unable to arrange home visits. This could result in people writing their own wills, without legal advice resulting in many such Wills failing to achieve the desired outcome or complying with the requirements to be a valid legal document.
The importance of having a will
A Will gives clear instructions on how your cash and assets are to be distributed and who is responsible for implementing these instructions. If you have young children, you can also appoint guardians to look after your children until they reach the age of 18.
Wills often extends the age at which a young person can take full responsibility for the money that has been left to them. Most people regard 18 as too young and increase this to 21 or more typically 25.
Using a Will to help mitigate the amount of tax you may have to pay and preserve some of the estate should your spouse or partner go into long-term care.
Without a will, you are ‘intestate’. When you die, your money, property, and possessions will be distributed according to the law instead of your wishes. This could result in members of your family taking a share of your estate against your wishes, sometimes this can be someone you do not know you are even related to.
Reasons to consider updating your will
You may already have a valid Will, but it always wise to review it and especially if your circumstances have changed, so you can ensure it is still fit for purpose. Here are some changes in circumstances that might mean your Will needs updating:
- You have recently divorced
- You’re planning on getting married – if you have already got married you Will has been automatically revoked
- You have sold a business or come into an inheritance
- One of your named Executors or beneficiaries has died
If you would like some advice on creating a new Will or the review of an existing Will please do not hesitate to contact our friendly and professional team at Keelys.
IMPORTANT COVID INFORMATION
We are open and here to help. We are not taking instructions in person but we can take instructions by Telephone or email. Even if you are self-isolating, we can make arrangements for your Will to be properly executed. Call us on 01543 420000 or click here for more details.