Is it time to update my Will?

Censuswide research from February 2024 shows that only half of UK adults over the age of 30 have a Will in place. One in 10 UK adults (aged over 30) have started making a Will but haven’t finished it and nearly half that don’t say it is on their to do list. Only half of the Wills in the UK have been drafted using a lawyer. We have highlighted research into the dangers of using  unqualified or incompetent advisors in the UK in a previous article here.

Whilst it is certainly preferable to have a Will in place, it is just as important to review it. Your wishes, as well as your circumstances, may change over time. In terms of when to review your Will, we recommend that your Will be reviewed and updated at least every five years, or whenever a major change in your life, such as a birth, death or divorce, occurs.

Not updating your Will risks it becoming outdated, which could have severe consequences for loved ones after death, whether this be an “incorrect” distribution of your estate, or additional inheritance tax.

It is also important to note that making changes to an existing Will cannot be done by simply amending the document – a new Will must be made.

Having an up-to-date and correctly drafted Will is crucial. At Blake Morgan, we are experienced in drafting Wills that reflect your wishes for your estate, and ensure that your family and other beneficiaries are considered and taken care of. In addition, we can assist in identifying options for you to consider in terms of protecting your estate, and reducing its exposure to Inheritance Tax or care fees.

If you would like to discuss making or updating your Will, please contact one of our ALL lawyers, Paula Shea, Lisa Davies, Kathryn Woodward or Jonathan Sleep.