When should I update my Will? And does the new government affect my plans?

In today’s world, we routinely renew essentials like insurances, appliances and even eyewear without a second thought. Yet, a document often overlooked is a Will, which is perhaps the most important document you’ll ever make. Your Will ensures your estate is administered in accordance with your wishes and that your loved ones are cared for after your death. Careful drafting is essential to ensure your intentions are honoured and your assets are distributed to your intended beneficiaries.

Testamentary freedom under English law 

In England, the principle of testamentary freedom allows individuals to decide who inherits their estate, a keystone of English law. This contrasts with many countries where forced heirship rules dictate the distribution of an estate. Despite this freedom, many people still neglect making a Will. With a new government in place and proposed tax changes on the horizon, now is an ideal time to review or make a Will.

Advantages of making a Will

Making a Will offers several advantages. It ensures your assets pass to your intended beneficiaries, allows you to appoint trusted executors and helps avoid family disputes over your estate. A Will also allows you to specify guardians for minor children, outline funeral wishes and reduce inheritance tax. Additionally, your Will has the potential of safeguarding your home against care fees, enabling charitable giving and addressing digital assets. Even your pets can be provided for.

Why professional advice matters

DIY Wills often have loopholes that can make them invalid, leading to family disputes. Legal professionals are fully trained to advise and ensure your Will is correctly drafted and is legally binding, reflecting your true intentions. Major life events such as marriage or acquiring assets should prompt you to review or update your Will. Under the Inheritance (Provision for Family and Dependants) Act 1975, certain individuals may contest a Will, or an estate, if they meet specific criteria. Legal professionals can offer invaluable guidance and recommend ways to mitigate the risk of potential claims.

Be proactive in ensuring your Will is legally valid and reflects your wishes.

For further information, please contact Birgul on 01482 398837, email Birgul Onay-Soysal | Wills, Estates, Tax & Trusts | Wilkin Chapman LLP or visit Wills, Estates, Tax & Trusts | Lincolnshire & East Yorkshire (wilkinchapman.co.uk)