The Importance of Creating and Updating Your Will

This week marks "Update Your Will Week," serving as a timely reminder of the importance of both creating and regularly updating your Will to ensure it reflects your wishes. We are proud to have a team Accredited Lifetime Lawyer supporting Update Your Will Week 2025, hosted by The Association of Lifetime Lawyers.

Having a Will in place is essential for estate planning. It lets you maintain control over how you manage and distribute your assets after your death. There are many reasons why having a Will in place is incredibly important. Below are some of the primary reasons:

1) Ensuring your wishes are honoured

It goes without saying that, having a Will in place allows you to specify how your assets are left to your loved ones, when and under which circumstances, after your lifetime. You are able to choose who benefits from your life’s work, from cash legacies, property or specific items such as jewellery, all contained in a legally binding document.

2) Protecting Children

For parents of children under 18, a Will serves a dual purpose; not only to stipulate who inherits your possessions, but also who -takes on the responsibility of caring for your children. Guardians may be appointed for your children, whilst they are minors, to ensure that your children are cared for by someone that you trust, in the event of your absence.  Appointing guardians also reduces the possibility of uncertainty or conflicts that may arise from other relatives.

However, it is important to note that the appointment of a guardian will not come into effect until after the death of both of the child’s parents.

3) Funeral Wishes

Discussing funeral wishes can be difficult and emotional- a topic that most people put off until it is too late, leaving family members with the burden of making these decisions on your behalf, in a time of grief.  Leaving a “Letter of Wishes” to accompany your Will, can solve this issue, and avoid the difficult conversations or even disagreements amongst family members guessing what you might have wanted.

4) Managing Inheritance Tax

You can structure your Will to ensure more of your estate goes to your loved ones in a tax-efficient manner. For example, assets left to a spouse or civil partner are exempt from Inheritance Tax, and leaving more than 10% of your estate to a charity reduces the rate of Inheritance Tax from 40% to 36%.

5) Appointment of Executors

An Executor is responsible for carrying out the instructions in your Will, to include handling asset distribution and settlement of debts and liabilities..  It is important to appoint diligent individuals who you trust to carry out such a role. Without specifying Executors in your Will, you leave the choice to the court, governed by The Non-Contentious Probate Rules 1987, which may not be in line with your preferences.

6) Protecting vulnerable beneficiaries

If you have loved ones with special needs, disabilities, or financial vulnerabilities, you can include a trust in your Will to protect their interests and ensure proper management of their inheritance for ongoing support.

7) Avoiding Intestacy Rules

If you do not have a valid Will in place, the Intestacy Rules will distribute your estate. These rules determine entitlement based on the makeup of your relatives at the time of your death. It is important to make a Will if you do not wish to benefit someone who may be a beneficiary under the Intestacy Rules.

8) Peace of Mind

Having a Will put in place can give you peace of mind, knowing that your loved ones are adequately provided for in accordance with your wishes, by offering a sense of control.

Updating Your Will

Having your Will drafted is not a “tick box” exercise; it is a document that will need ongoing attention.  It may need updating if it no longer aligns with your wishes, or upon life events such as divorce, marriage or upon inheriting large sums of money.

Engaging a qualified solicitor to help draft your Will according to your wishes and specific family circumstances can be invaluable. Contact us on 01256 320555 to book a meeting with one of our Wills & Estate Planning solicitors to discuss your Will, whether it’s updating or reviewing an existing one or drafting an entirely new Will.