Wills & Probate | Is your Will up to date? There may be consequences if not…
When Penn Chambers prepare a Will on your behalf, we set reminders to contact you once a year to check in to see whether there have been any changes in your life and that your Will is still in accordance with your instructions.
If it still works? Perfect!
If it does not, let’s look at how we can get the Will up to date.
SFE undertook research which revealed that 47% of those in Britain who already have a Will, have not updated it in more than 5 years. This means that those Wills are likely to be out of date. A lot can happen in a year (Covid?!), let alone 5 years!
Another scary fact? 21% have not updated their Will in over 10 years…
It is not only so important to have a Will prepared and in place, but also to ensure that your existing Will is up to date and correct.
Since you last prepared your Will, there may have been changes to your life, such as remarriage (which invalidates your Will in any event), divorce, separation, loved ones passing away or the birth of new family members.
Living with a new partner or the birth of a new family member, for example, does not guarantee them to receive anything from your estate (a couple living together without marriage or a civil partnership will not inherit each other’s assets).
It is just as important to make sure your current Will is well-drafted as ensure that your wishes are set out within the Will correctly.
It is important to understand that failure to prepare a Will or have an up to date Will may only lead to severe consequences and your family will have to pick up the pieces when you are no longer here to express your true wishes. Don’t leave it for your family, especially as they will already be going through a very hard time losing a loved one.
Whilst preparing your Will may not be at the top of your “to-do” list, it is important that you consider where you want your assets to vest when you pass away. Sounds morbid, but planning for the future of your loved ones will allow you to feel that they have been cared for when you are no longer here.
Talking to a Solicitor before finalising your Will is very important, especially considering tax issues or tax changes that can ensure that you get the most tax-efficient Will possible.
A big no-no (no offence) are DIY-Will and Will writers, just in case the service cannot absolutely guarantee that your Will is valid and correctly prepared. The last thing that you would want is your family left to deal with an intestate (without a Will) estate.
Feel free to give me a call if you wish to discuss your own situation further.
0207 183 4595
The information provided in this article is not intended to constitute legal advice and you should take full and comprehensive legal advice on your individual circumstances by a fully qualified Solicitor before you embark on any course of action.