Summary
You know you should have a valid Will, but do you remember to update it? As your life changes, as relationships change too, you should also make sure that your Will changes to reflect these changes and protect your loved ones - and your legacy.
In December 2022, research by the Solicitors for the Elderly (SFE) revealed that 70% of UK parents don’t have a legal guardian in place to care for their children in the event of their death. To raise awareness, “Update your Will week” is running from 23rd to 29th January 2023.
Why the New Year is a good time to change your Will
A lot has happened over the last year. With Covid struggles still present, a fuel shortage and now a recession, it can seem like stress and uncertainty are constants in all our lives.
There are steps you can take to mitigate some of these worries about the future, and that includes updating your Will.
You might think that it is a bit premature to be sorting out your Will, but sudden changes can happen and it’s much better to have things planned already for your family and loved ones.
What do I need to change in my Will?
Since Wills are personalised to suit each individual’s wants and needs, there can be lots of changes to make to ensure that you are happy.
For instance, you may wish to change who will inherit your assets (your beneficiaries) or who will administer the requests made in your Will (your executors) for a variety of reasons.
Maybe the executors or beneficiaries have passed away themselves, or the relationship between the two of you has broken down. Maybe they are struggling with an addiction or owe money to a creditor and you no longer trust them to distribute your assets.
And maybe your relationship with your proposed beneficiaries and executors has changed in other ways.
Your Will and business interests
If you own a business that’s included in your Will, you may want to consider updating who receives what- especially since current times have caused many businesses to struggle.
How often should I update my Will?
We recommend that you update your Will about every 5 years, or if there has been a major event within your family (such as divorce, marriage or the birth/death of a family member).
Should I worry if I never think about my Will?
Don’t panic if you haven’t even looked at your Will in the last decade, our Wills and Probate department are fully equipped to assist you.
And if you realise that you don’t even have a Will, we can of course guide you through the Will writing process. You should not rely on intestacy laws to ensure a fair division of your estate.