Next week sees the start of Will Aid, where many solicitors around the UK will draft a Will for no cost, simply asking for a donation to charity.
There are many reasons why having a current Will is good advice, but the most simple of all is to ensure that your wishes are followed on death, and not the “Intestacy” laws which apply where no valid will exists.
In addition to this you may wish to consider that a Will can have clauses that, for example, prohibit children having access to capital until 25, this may be preferable than inheriting money at 18, which would be the default position in intestacy.
In addition to a Will an individual should have a Lasting Power of Attorney which grants permission to a loved one to deal with their affairs in the event of mental incapacity; without one it will be more complex and costly to administer.
Finally it is important to remember a Will is nullified in the event of marriage, therefore it is important to update it after marriage, but it is also to make a Will ‘in anticipation’ of marriage that will remain valid afterwards.
Whilst I am a member of the Society of Trust and Estate Practitioners, I do not give legal advice, and do not prepare Wills; however as a firm we can instruct a solicitor on a client’s behalf to ensure they receive advice appropriate to their situation.