An up-to-date, well-drafted Will is essential if you have children, own a house, or have any other assets that you would like to share or protect.
If you die without a Will, any assets must be distributed according to the rules of intestacy, which may not be how you would expect or wish for them to be distributed, and could be distressing for loved ones.
With this in mind, national Update Your Will Week took place recently, and was a reminder that our Wills should be revisited and checked on a regular basis. Here are five considerations for creating, updating and amending your Will.
- Review timescales: We recommend reviewing your Will every five years, and especially after significant life events such as marriage, divorce or the birth of a child. This ensures your Will is always up to date and reflects your current situation.
- Make official changes: Minor amendments can be added with a codicil (a testamentary document, separate to your Will, that amends or adds), but major changes require an entirely new Will to be drafted.
- Choose your executors carefully: Make sure you choose individuals you trust, and ensure they are willing and able to fulfil their responsibilities as an executor. You should also talk to them about your wishes so that they fully understand what you would like to happen.
- Communicate your wishes with your loved ones: Something often neglected is to take the time to discuss your plans and the contents of your Will with your loved ones. This can help prevent any misunderstandings and disputes arising in the future.
- Store your Will somewhere safe: You should keep your original Will in a secure location, such as with your solicitor. Your executors should be made aware of where it’s kept, and how to access it when needed.
Wills are often seen as a difficult topic of discussion, but by regularly updating and discussing your Will with your loved ones, you ensure that you leave a legacy and continue to show your love and support after your death. Remember, it’s never too early to write your Will, you just need to be 18 or over to begin the process.
Kathryn Layzell
Partner and Head of Trusts and Estates
Stone King LLP
