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Why Should I Make a Will?
Making a will sets out your unequivocal wishes and as such, is one of the most important documents you can write. For more information on why you should make a will please visit our Why Make a Will? page.
If you are looking to make a will then please don’t hesitate to get in touch with one of our highly qualified solicitors in Brighton and Hove. Our solicitors combine an empirical understanding of wills, with first-class knowledge of inheritance tax regulations. To get in touch please visit our Wills page or contact one of our solicitors directly on 020 3007 5500.
When Should I Make a Will?
At what point in your life should you ensure your will is written? It’s entirely up to you. However, there is a strong argument that the sooner you do, the better. Writing your will gives you the confidence that you have control of your assets and estate.
Although, it’s likely that the first will you make won’t be your last. During your lifetime you will encounter numerous life changes regarding your spouse, assets, and potential children. In fact, at Britton and Time, we are conscious that throughout your life, your circumstances will change, so it is sensible for your will to change to fit these circumstances.
When changing your will you have two options. Either write a new will or make amendments to you current will. Your question then may be: why write a new will when you can just alter your current will? The fact of the matter is that amending a will is not as easy as it sounds. Amendments are formed through an additional document to your will called a Codicil. If a codicil to will is used for large changes or multiple codicils to wills are made over time it has the potential to cause confusion around the clients true desires and, thus, cast doubt over the validity of a will.
For large life changes our solicitors advise that you make a new will to fit.
When Should I Update a Will?
If making a new will is the easier option then when should I use a codicil to will? A codicil to will is in the best interest of the client if the will only needs smaller adjustments made. Our experienced wills solicitors have created a rule for when it’s applicable to make a new will versus a codicil to will.
If a desired alteration impacts 10% or more of the content of the will, making a new will is your advised option. However, if the changes you are making to your will impact less than 10% of the contents, then a codicil to will is your best option.
Examples of when you should consider making a will
The following sections in this article are going to outline key life changes when making a will is applicable.
Getting Married
You should consider what assets you would or would not like your spouse to have. The spouse exemption to inheritance tax is often a primary consideration. It’s important to note that getting married will automatically revoke any Will you have unless this has been written “in contemplation” of your marriage. If you do not have a Will in place, then the intestacy rules will apply. The intestacy rule are statutory rules that decide who will inherit your assets.
During a Divorce
In the event that your relationship breaks down, it’s common that you will want to make a new will before the divorce is finalised. The reasoning for this is because even in the midst of the divorce process, your will may still make provision for the person you are divorcing. Furthermore, this provision could remain effective until your divorce has been finalised.
If this is the case, and you die part of the way through the divorce, your spouse will still inherit from your estate. As a result, our solicitors advise that it’s sensible to protect yourself during the divorce process. Ideally by creating a new will, but in some circumstances a codicil may be equally as fitting.
Having a Long-Term Partner
You may choose not to marry. But, you might still have a long-term partner to whom you would want to leave some or all of your assets. The rights of unmarried long-term partners without a will in place are non-existent as the intestacy rules ensure the assets follow the bloodline. Your children, parents, siblings and even aunts and uncles will inherit but your unmarried partner will not.
Becoming A Parent
By writing a will, you can make sure your family will be provided for, and your estate will be divided as you wish. If you have young children, you should appoint the legal guardian of your child in your will in the event that both parents pass away. Creating a will in this sense is not all about the money. If your guardian wishes are not outlined in a will, your local authority or the courts will be left to determine the guardianship of your children.
Also, it’s important to note that only biological and adopted children are included in the intestacy rules. The procedure for what happens to step-children and foster children, thus, becomes far more complex. If you would like them to inherit, then you must make specific provisions in the will.
Disinheritance
Family disputes can be complicated and stressful. If you wish to ensure that a member of the family will not benefit from your estate, then it’s important to make a will to ensure this is clear. We would also recommend leaving a letter of wishes. This letter will add to the robustness of your wishes. The robustness of your will make it less likely that the disinherited family member can contest the decision.
Substantial Changes in Your Financial Position
Finances fluctuate over all our lifetimes. If you have a significant change in your financial situation, you should consider changing your Will to provide for this. It’s a good time to reflect on your new circumstances and what you may want to happen to your assets. Some typical moments when this happens in life is receiving an inheritance, getting a promotion or redundancy.
Important Purchases
People forget their will when making a purchase of sizeable asset such as a home, car or jewellery. These high-value purchases are worth considering in your Will. You may have a clear idea of how you want these assets to be left which need to be outlined when you make a Will.
Getting a Life Insurance Policy
A life insurance policy is a great way to make sure your loved ones are looked after. If the worst was to happen, your loved ones are protected as long as this is written on trust. Being written on trust means that the beneficiaries don’t need to wait for probate to access the funds. If written on trust the proceeds are payable to the beneficiaries as soon as you pass away. Our solicitors advise that getting a life insurance policy is part of the planning everyone should undertake, and so should coincide with writing a Will.
The ‘Five-Year-Rule’
This rule advises that you carry out a check-up on your Will every five years. This check on your will is sensible to ensure it still accords with your wishes. There may be nothing you wish to change, but equally, you may not have realised everything that has changed over the last five years. A check-up with an expert should help to highlight any necessary changes. Even if there are no changes to be made this check-up will give you that peace of mind that your loved ones are protected.
Why Contact our Wills Solicitors?
Wills are a highly important document that are far more complex than people initially realise. Our experienced will solicitors in Brighton and Hove will provide expert knowledge and guidance to ensure your wishes are met. If you have any questions regarding if should make a will or a codicil to will then please don’t hesitate to visit our Wills page. Additionally, you can call one of our solicitors in Brighton directly on 020 3007 5500.
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