The importance of making a Will and keeping it updated

Weightmans are proud to support Update Your Will Week, (4 - 10 March 2024), an annual campaign run by the Association of Lifetime Lawyers. It aims to raise awareness about the risks of not having an up to date Will in place, and encourages people to either prepare a Will or update their existing Will to ensure their wishes are carried out when they die.

What is a Will?

A Will is a legal document that allows you to decide who receives your money, assets and personal possessions after you have died.

Why do I need a Will?

Without having a valid Will in place at your death, the distribution of your estate will be subject to the intestacy rules, which may not align with your wishes.

If, for example, you have a surviving spouse or civil partner and do not make a Will, they may not automatically be entitled to receive the whole of your estate under the intestacy rules.

If you have a partner but are unmarried or not in a civil partnership, your partner is not entitled to receive anything from your estate under the intestacy rules.

The importance of having a valid Will in place prior to your death cannot therefore be understated.

Appointing executors

Under the terms of your Will, you will be able to choose who you want to appoint as your executor(s). They will be responsible for administering your estate and carrying out the instructions outlined in your Will.

Choosing a capable and trustworthy executor can streamline the probate process and minimise the potential for disputes among beneficiaries.

The role of an executor is an important and time consuming job. It also carries a certain amount of personal liability for any losses occasioned during the administration period. It can sometimes be beneficial to consider appointing a professional executor to ensure that your estate is administered efficiently and in accordance with all relevant legislation.

Updating a Will

Keeping your Will up to date is equally important as personal circumstances often change over time. Significant events such as marriage, divorce, the birth of children/grandchildren, or a change in your assets should prompt a review of your Will to ensure it accurately reflects your current situation and wishes.

Marriage can revoke a Will unless expressly provided for, so it is important to take timely professional advice if you are thinking of tying the knot.

Failing to update your Will can lead to unintended consequences, such as assets passing to unintended beneficiaries or disputes arising among family members.

Additionally, changes in inheritance tax legislation can prompt the need for a Will review, particularly if those changes result in a recommendation to change the structure of your Will.

Regular Reviews

Regularly reviewing your Will is important to ensure that your Will is drafted in accordance with the most recent legislation and effectively maximises the potential tax allowances which might be available.

Summary

In conclusion, making a Will and keeping it up to date is essential for ensuring that your wishes are documented clearly, and your estate is administered according to your preferences.

If you would like to discuss putting a Will in place, or to complete a review of your current Will, please contact Weightmans’ Private Client Team.