If you are in any doubt as to whether or not you should make a Will, the team at Headleys Solicitors is here to simplify the process and answer some of the most commonly asked questions…
Should everyone have a Will?
Yes, having an up-to-date Will is essential for anyone wishing to safeguard the interests of their family, friends or dependents. It is no longer simply a requirement for the wealthy or elderly.
When is the best time to make a Will?
Many people put off making a Will, believing it is only something they need to do when they’re old, but anyone over the age of 18 can have a Will. If someone dies without leaving a Will, this is called ‘Intestacy’ and can result in unintended consequences regarding inheritance. This is often the case in second marriages, or where a partner has children from different relationships and can cause emotional and financial distress for families.
How often should you update a Will?
It is commonly advised to update a Will every few years, particularly if your personal circumstances change, for example if you get divorced or remarried. Many people do not realise that if you re-marry, your previous Will is automatically revoked.
What other circumstances make Wills complicated?
If you own property or investments abroad, you own a business or have agricultural property then it is best to seek professional advice before making a Will. Complications can also arise if you are separated, divorced, remarried or have children from different relationships.
Where should you keep your Will?
Homemade Wills can easily get lost. If your Will is prepared by a Solicitor then they will usually retain the original document for safekeeping and provide you with a copy for your own records. Most Solicitors will store Wills free of charge; other institutions may make an annual charge. It is also possible to register your Will with the National Will Register although this is not compulsory and a charge applies.
Why should you seek legal advice when making a Will?
It is advisable to have a Solicitor help prepare your Will as they will have years of professional and personal experience to ensure you make the right decision for your circumstances and avoid any mistakes. A Solicitor can also offer further guidance e.g. reducing inheritance tax or ring fencing assets to ensure they are passed on the future generations.
The specialist Wills, Administration of Estates & Elderly Client Services team at Headleys has extensive experience in providing timely, strategic guidance for you and your family and Susan McCole is a member of STEP. The team works closely alongside Headleys’ Litigation and Family Law practitioners to ensure you receive appropriate advice for your circumstances. To arrange an appointment, please contact 01455 554466.
