So why do you need a valid will? Research from Royal London suggests that 54% of the UK adult population do NOT have a valid up to date Will. A Will may be invalid for various reasons including the fact that it may not have been signed properly, you may have married since signing your Will thus rendering the Will invalid by law, your circumstances may have changed meaning some gifts will fail, or your Will may no longer be fit for purpose.
Our advice is to review your Will every three to five years to ensure that your estate planning is up to date, your family and friends are provided for and to give you peace of mind knowing that your affairs are in order.
There are several factors that might encourage you to arrange or rewrite your Will. The death of a loved one, the birth of a new child, purchasing a property in the UK or abroad, or receiving an inheritance are all reasons which motivate people to review their Will as it is a very important legal document.
The document itself allows you to leave assets to your loved ones, particularly your partner if you’re unmarried. It allows you to choose guardians for your minor children, appoint Executors who you trust to handle your estate, make gifts to charity and to ringfence assets where you suspect the asset will be mishandled or squandered. It can also ensure that whether your spouse is the biological parent of your children or not, they may enjoy full use and benefit of your assets during their lifetime after your death, however your Will can also ensure that those assets cannot be accidentally or intentionally lost to your children due to threats such as care fees, remarriage, cohabitation, etc., upon your spouse’s subsequent death.
You can add your funeral wishes to your Will and remove the stress for your family at what will be a very difficult time.
SWW members are required to adhere to a Code of Practice and strict confidentiality practices, they must keep their knowledge up to date and must also provide the Society with proof of valid ongoing professional indemnity insurance on an annual basis.
Please refer to our Wills page for further details.