As part of our regular catch-ups with clients, we check if they have a will in place and if it is still up to date. This is really important, if you don't have a will then your estate will be shared out in a standard way set out by law (Intestacy), which might not be what you would have wanted.
Writing a will is especially important if:
- You have dependent children - you will probably want to ensure that they are provided for and are cared for by someone that you trust.
- You aren't married to your partner.
- You are likely to have an inheritance tax liability.
- Your personal circumstances change, including getting married, divorced or having children (see above).
- You have specific funeral wishes.
However, having a will in place also makes it easier for those you leave behind to know what to do with your estate.
Free Wills Month happens every October and March, allowing those aged 55 and over to get a solicitor-drafted (or updated) will for free (although it's hoped that you will make a donation to charity). This covers simple wills so if you need something more complex then you should speak to a solicitor, who is likely to charge you for the difference. You can register your interest on the Free Wills website.
If you are under 55, then Will Aid is just around the corner, in November and is now open for bookings. They can also link you with a solicitor to provide a simple will and ask for a charity donation. You can book online on the Will Aid website.
Charlie Rigg, FMB Financial Planner