It’s time to update your will
This week (23rd to 29th January 2023) is Update Your Will Week. This is an awareness campaign hosted by SFE to encourage more people to update their Will and ensure their wishes are carried out when they die. This helps minimise disputes – easing distress (and costs) for your loved ones.
New research commissioned by SFE revealed only 56% of UK adults have updated their Will within the last 5 years, meaning around a half of Wills are out of date. It also showed that half of UK adults have experienced a life changing event, such as getting married, divorced, purchasing a house or having a child, since last updating their Will.
We recommend that Wills are reviewed and updated every 5 years, or when a major change occurs that impacts you or your loved ones.
In addition, the research revealed that almost three quarters (70%) of parents in the UK have no legal guardian in place to care for their children in the event of their deaths. According to the research, parents are almost completely unaware of the risks of not identifying a legal guardian in a Will; this includes the courts or social services deciding what happens to your children.
With only 2/10 parents understanding that social services or the courts can step in to decide what happens to your children if you don’t have a Will in place, Guy Williams Layton is keen to raise awareness of the risks involved when a guardian isn’t appointed.
Speak to us about making changes to an existing Will or creating a new one.
Georgina Roberts, solicitor, at our Heswall office is a member of SFE, a national organisation of lawyers specialising in advising people planning for later life. She’ll be able to provide support and guidance as you discuss your unique situation and wishes, she may also help reduce your inheritance tax bill.
SFE lawyers are experts in this area of law and follow a strict code of conduct which has respect and dignity at its heart. Communicating in a clear, straightforward language, they’re trained to make sure you understand the important decisions you’re making.
In addition, we have two Partners, Peter Marsh and Jane Hogg. As specialists in inheritance and succession planning, they draft wills and trusts, administer estates, act as trustees and advise families on how best to structure their finances to ensure compliance and preserve their assets for future generations. Jane is assisted in the Liverpool office by Nadia Morgan, Wendy Rintoul, Gwen Collins and Nikki Taylor, ensuring a level of expertise to fit all circumstances.
What to do next? Get in touch with us today and make sure your wishes are communicated when you pass away.