Making a will is an important part of ensuring your estate will be taken care of when you die.
While it’s not a pleasant thing to think about, ensuring your will is up to date will provide peace of mind that your estate will be distributed in the way you want it to.
Citizens Advice says making a will is important regardless of whether you consider yourself to have many possessions or much money.
You should review your will every five years or after a major change in your life, for example, moving house or the birth of a new grandchild.
If you get married or enter a civil partnership, this changes your original will.
Divorce will not automatically invalidate your will but it will exclude your ex-spouse from benefiting from your will. You should make a new will in this case.
Rachel Blackburn, Head of Wills, Probate and Older Client Services at Mander Hadley Solicitors, said: “It’s important to understand that a will is not a one-time document. Life is ever-changing, and as such, your will may need to evolve to reflect your current circumstances and desires.
“Regularly reviewing and updating your Will ensures that your estate planning remains effective and aligned with your wishes.”
Failure to make a will means that your estate will be subject to the rules of intestacy meaning your will might not go to the people you want it to.
Your will should be stored with a solicitor, bank, probate service or at home. If you choose to keep it at home, make sure your executors know where it is.
Another important aspect to consider is if your will is valid. To make sure it is, it must be signed by you and witnessed by two people. You should also have the mental capacity to make the will and understand what it means, you must also have made it voluntarily and not under any pressure from anyone.
If you die without a will, there are many issues which could occur to your estate. If you die without a will, your heirs may have to pay higher rates of inheritance tax.
To make these changes, you may want to consult a solicitor. While a will can be made without a solicitor, it is generally advised to use one to ensure the document is legally binding and free of any errors which may cause complications after your death.
