Drafting and updating Wills

Having an up-to-date Will is very important – an expertly drafted Will does not just state how your assets are distributed it also means that you are able to:

• choose your executors – people you trust and who would be appropriate to carry out your wishes
• nominate guardians of your children
• consider whether to include a trust in your Will – for example to protect vulnerable beneficiaries from wasting their inheritance or to mitigate the threat to your assets from care home fees or from remarriage of a surviving spouse
• minimise the amount of Inheritance Tax that could be payable by your estate

Without a Will, the rules of intestacy would apply to your estate, meaning that you will have no say in how your estate is administered, leaving so much to chance.

FAQs

Will my husband/wife inherit everything without a Will?

It is often wrongly assumed that a spouse automatically inherits everything when their partner dies. This is not always the case. If you also have children, the intestacy rules state that your estate would be held on trust for your husband/wife and children. This can cause significant problems, not least the possibility of a significant Inheritance Tax liability. Get in touch with one of our experts for a free no obligation discussion to see how we could help.

How often should I review my Will?

It is recommended that you review your will every 3 to 5 years or when there is a significant change to your or your family’s circumstances such as:

• Marriage
• Divorce
• Birth of children/grandchildren
• Inheriting (or otherwise receiving) a significant sum of money
• Illness
• Potential issues with beneficiaries (divorce/bankruptcy/addiction)

Find out more about updating your Will in our article for #UpdateYourWillWeek here.

Do I need a specialist to draft my Will? Can I do it myself?

Given the ease with which we can all access information online, it may be tempting to draft your own Will using guides that are available at the click of a button. Alternatively, you may be persuaded to put your faith in many online will-writing companies who can often offer cheap wills. However, there are an abundance of benefits when using a solicitor to draft your Will. You can find out more about this here.

How can Darwin Gray help?

We have a wealth of experience assisting the drafting of Wills.

If you would like expert advice on how best to draft your Will and protect your assets, contact our Wills & Probate specialists today to discuss how we can help, on 02920 829 100, visit our contact page, or fill out the enquiry form on this page.