The New Year is synonymous with fresh beginnings, making it the perfect time to revisit areas of life that we don’t often pay attention to, such as your will. A recent survey revealed that nearly 60% of UK adults do not have a valid will, leaving their estates vulnerable to legal complications and disputes. Even people with wills in place may not realise that outdated provisions can create unintended problems, causing avoidable stress for loved ones. Reviewing and updating your will ensures that your wishes remain aligned with your current circumstances and the law.
Why Updating Your Will Is Essential
A properly drafted will is more than a legal document; it is your instructions for how you want your estate to be administered and passed on and a crucial safeguard for your family. Here are three critical reasons to update your will regularly:
To Reflect Major Life Changes
Life is ever-changing, and significant milestones often require updates to your will. These include:
- Marriage, Divorce, or Separation: Changes in your relationship status can alter how your estate is distributed. For example, in England and Wales, the act of marriage revokes a previously written will, unless that will was specifically drafted in anticipation of that marriage.
- Birth or Adoption: Welcoming children or grandchildren into your family may necessitate the inclusion of new beneficiaries.
- Loss of a Beneficiary or Executor: If a named individual has passed away or is no longer capable of fulfilling their role, updates are essential.
- Financial Shifts: Inheritances, property sales, or new investments could significantly impact your estate plan.
Adapting to Legal Updates
Inheritance laws and tax regulations evolve. Aligning your will with the current law ensures your estate benefits from available tax efficiencies and avoids unintended legal pitfalls.
Preventing Family Disputes
Outdated wills can lead to misunderstandings or disputes among beneficiaries. Ambiguities or omissions may result in assets being distributed contrary to your wishes, causing friction among loved ones. By regularly updating your will, you can minimise the risk of conflict and provide clarity for your family.
The Risks of Not Updating Your Will
Failing to keep your will up to date can lead to avoidable complications, such as:
Unintended Beneficiaries
Your assets may be inherited by estranged relatives or other people you no longer wish to benefit, especially after significant life events like divorce or remarriage.
Tax Inefficiencies
Without proper planning, your estate may incur unnecessary inheritance tax liabilities, reducing the value passed on to your loved ones.
Invalid Provisions
An old will may include clauses that are no longer legally valid, creating confusion and delays.
Why Choose Slater Heelis for Your Will Update
At Slater Heelis, we pride ourselves on providing tailored, expert advice to help you safeguard your future. Our team of experienced solicitors is dedicated to making the process of updating your will straightforward and stress-free.
The start of a new year is the perfect opportunity to ensure your legal affairs are in order. Updating your will not only reflects your current circumstances but also provides peace of mind for you and your loved ones.
If you’re ready to review your will, our dedicated wills and probate team at Slater Heelis is here to guide you every step of the way. Contact us today to schedule a consultation by calling us on 0330 111 3131 or via our contact form.