It’s Update Your Will Week this week (3–9 March), an annual campaign by the Association of Lifetime Lawyers (ALL) to encourage adults to make a Will or review an existing one.
A Will protects your assets after you die and ensures they go to who you want them to.
Having a Will is a crucial part of everyone’s estate planning and is essential if you have children, own a house or have a pension.
However, despite their importance, nearly half (49%) of UK adults don’t have a Will in place, and one in ten adults in the UK have started making a Will but haven’t finished it yet.
At Larcomes, we understand just how critical it is for everyone to have a valid Will that accurately reflects their wishes.
To show our support for the ALL’s Update Your Will initiative, in this blog, our experienced Wills Solicitors answer some frequently asked questions about Wills.
What is a Will?
A Will is a legal document that sets out what you want to happen when you die, including arrangements for how your assets will be distributed.
What do you include in a Will?
A Will includes details about the assets that comprise your estate and instructions as to what you want to happen to them when you die.
Typically, Wills include information about:
- Your assets. This includes property, cash in bank accounts, stocks, shares and investments, cars, jewellery and other personal possessions.
- Details of beneficiaries. These are people you wish to benefit from your Will, such as family, friends and charitable organisations.
- Executor. Your executor will be responsible for overseeing the administration of your estate and should be someone you trust.
- Guardians. You can nominate guardians in your Will to look after your children.
- Funeral wishes. Many people include plans for their funeral in their Will.
Who needs a Will?
Everyone over the age of 18 should have a Will.
A Will safeguards your wishes regarding the distribution of money, property and assets after your death.
It allows you to decide ‘who gets what’ and makes the legal process much simpler for your family and loved ones.
A well-drafted Will can also minimise your Inheritance Tax bill.
Not having a Will puts your assets at risk and can lead to problems for your family and loved ones.
Having a Will is a crucial part of everyone’s estate planning and is particularly important if you aren’t married to your partner, have dependent children, or own property with someone else or overseas.
Do you need a solicitor to write a Will?
Some people try to write their own Will using a template they find online, or with the help of an unregulated Will writer, usually in a misguided attempt to save money.
However, the cheapest option is not always the best one. Poorly drafted or incorrectly executed Wills can be invalid or can leave an estate open to challenges further down the line.
Writing a Will is only straightforward if a solicitor assists you. An experienced, regulated legal professional will ensure your Will is drafted correctly and reflects your wishes.
At Larcomes, we offer fixed fees on simple Wills for one person at £260 plus VAT and £470 plus VAT for married couples.
For a free, no-obligation quote, please complete our Will Questionnaire. More information on our fees and disbursements can be found by clicking here.
To speak to one of our experienced Will writing solicitors, call 023 9244 8100 for our Portsmouth office or 023 9224 6666 for our Waterlooville office or make an online enquiry.
What happens if you die without a Will?
Dying without a Will means that you die intestate, and your estate goes to your legal next-of-kin.
The rules of intestacy set out who is the legal next-of-kin when someone dies without a Will, according to a strict hierarchy.
Unmarried partners do not automatically inherit under the rules of intestacy, meaning Wills are especially important for cohabiting couples.
Similarly, friends, carers, and relations by marriage are not entitled to inherit under the intestacy rules.
This can be extremely distressing for families.
Read more about dying without a Will in our previous blog by clicking here.
Do you need to update your Will?
It is important to remember that a Will is not an unchangeable document. It should be reviewed regularly to ensure it continues to reflect your circumstances and accurately reflects your wishes.
Key life events, such as getting married or divorced, a death in the family, buying property, or changes in your financial position should all trigger a review of your Will, which should be revisited every three to five years or so anyway as good practice.
Ensuring your Will is up to date means your loved ones are protected, decreases the chances of disputes, and provides valuable peace of mind.
Wills Solicitors Portsmouth
At Larcomes, our experienced team of private client solicitors in Portsmouth and Waterlooville advise on all aspects of estate planning, including Wills, deeds of variation, probate and Lasting Powers of Attorney.
Our specialist Wills and Probate solicitors will work with you to assess your individual needs and guide you through the best possible estate and inheritance planning solution for you and your family.
We also have the expertise to deal with high-value assets, including issues such as inheritance tax and trusts.
Members of our team are fully accredited members of the Society of Trust and Estate Practitioners (STEP), a global professional body, comprising lawyers, accountants, trustees and other practitioners that help families plan for their futures.
Membership means we adhere to STEP’s Code for Will Preparation in England and Wales. Please click here to find out more about the Code.
To speak with one of our Wills and Probate team, please call 023 9244 8100 or make an online enquiry.
Please note that this article is not intended to be legal or professional advice. It is for general guidance only, and updates to the law may have changed since it was published.
