Why Updating Your Will is Crucial
Don't be like 44% of the UK Population According to a recent study commissioned by Solicitors for the Elderly (SFE), only 56% of UK adults have updated their will in the last five years, leaving approximately half of the country's wills out of date. As an expert in wills and inheritance of over 12 years, I am here to explain why you should take the time to review and update your will, and what you can do to ensure your wishes are carried out when you pass away. Updating your will is critical because your life circumstances are constantly changing. For example, you may have got married, divorced, had a child, or acquired a new asset since you last updated your will. These life changes can have significant implications for your will,and any inheritance tax, as they can affect how your estate is distributed. By updating your will, you can ensure that your wishes are carried out when you die, and reduce the chances of disputes arising among your loved ones. This can help to ease the emotional burden on your family and friends, as well as reduce the costs associated with resolving disputes. As a general rule, we recommend that you review your will every 1-2 years, or whenever a significant change occurs that affects you or your loved ones. This ensures that your will is always up to date and reflects your current wishes. One of the most critical aspects of updating your will is appointing a guardian for your children. According to the SFE study, nearly three-quarters of UK parents have not designated a legal guardian to care for their children if they pass away. This can be a significant risk, as social services or the courts may step in to decide what happens to your children if you don't have a will in place. If you need assistance with updating your will or creating a new one, please don't hesitate to get in touch with me. I am here to help you communicate your wishes effectively and ensure that your loved ones are taken care of when you are no longer here. I can provide you with support and guidance as we discuss your unique situation and wishes, and also help advise you on reducing inheritance tax. Reach out to me with no commitment or obligation on 07831 379562 or email me at firstname.lastname@example.org.