The Importance of a Will & Keeping It Updated
A Will is an important document that states your wishes regarding your property and assets, should something happen to you. A Will can also help to protect your loved ones from legal troubles after you're gone.
Many people put off creating a will, thinking that it is something they get round to "someday." However, when a person dies without leaving a Will, their estate must be shared out subject to the rule of intestacy. They decide how the estate will be shared out, which may not reflect what you would have wanted had you taken the time to create a will. Furthermore, the probate process can be time-consuming and extremely expensive for your loved ones.
Marcus talks to us about the reasons you may wish to update your will in our short tip video.
Here are just some of the reasons why you should consider taking out a Will:
Creating a Will will save time, money, and stress for your loved ones.
It allows for you to determine an executor - a trusted person who manages your estate who carries out your will to assure it is fulfilled correctly.
It allows you to leave accumulated assets to specific people, shared between them in the exact manner specified by you.
It also makes sure your assets are not subject to intestacy laws - which may not share or divide your remaining assets with the correct people - such as unmarried partners unless specified.
Gives you peace of mind and allows for you to delegate who will take care of your minor children.
Allows for you to organise a home for any pets you may have.
Lowers the potential for family disputes. With you in control of everything outlined in the document, there won't be any unnecessary arguments between loved ones.
Gives you the opportunity to support your favourite causes and leave a legacy.
Once you have written your Will, one of the most important things to remember is that they need to be kept up to date. Significant changes may well occur between the time at which you write your will and the time of your passing, and these may influence the content of the document. It is advised that you review your Will every 3-5 years. However, it should be reviewed more often if there have been any life-changing events in your life, such as the following:
You have married or formed a civil partnership
You have divorced or had had your marriage or civil partnership annulled or declared void
If an Executor has died or is no longer suitable to act, for example, due to ill health.
If a Beneficiary has died
If you have gifted a property within your Will that you no longer own
If the value of your Estate has significantly changed in value, whether this be an increase or decrease
You have had children or grandchildren that you would like to be named in your Will
The best way to keep your Will updated is to make changes directly to the original document. This will ensure that all copies are updated and that your wishes are clear. If you make changes to a photocopy or scan of the Will, it can be easy for errors to occur. Furthermore, it is also important to keep your Will in a safe place, where it will be easily accessible to those who need it. You may want to consider storing your Will with a certified organisation such as a solicitor.
Want to speak to a member of our team?
If you require additional information or legal assistance, please do not hesitate to contact the Will and Estates Team at MJP Law on 01202 842929 or email us via info@mjplaw.co.uk
