The importance of having a will

The importance of having a will

Have you written your will yet? It’s incredibly important, however, our recent research showed that 58% of people in the UK do not have a will.

As the current situation leaves many of us working from home surrounded by our families and loved ones, we may start to think about how well prepared we are if the worst were to happen. Everyone should have a will, no matter their age or circumstances. Especially at a time like this, it is important we all feel secure in the knowledge that our families will be suitably cared for when the time comes and creating a will is an effective way to do this.

Giving you peace of mind that your family’s future is protected

It’s important to have a will in place so that you can set out what you would like to happen to your money, house, valuables and possessions (known as your ‘estate’) after you die. Having a will can also help to reduce the inheritance tax your personal representatives will be required to pay out of your estate when you die.

If you die without having a will, your wishes may not be carried out after your death and the law will determine what will happen to your estate instead. These set out a specific order of inheritance, which may not be in line with your wishes. This means the people you want to benefit may not receive what you would like them to receive. And, in some circumstances, they may even be left with significant financial problems and legal processes to deal with after your death.

Help protect your loved ones and make sure your estate goes to who you want by making a valid will.

How do I write a will?

Will writing is generally not a regulated market and you are not required to take legal advice when writing your will. However, it’s important to remember that a will is a legal document; it needs to be right because mistakes can be difficult to resolve, especially if they only come to light after your death. By taking legal advice you can have peace of mind that nothing has been overlooked, your will is legally valid and, importantly, you’re protected should anything go wrong.

What if I already have a will?

If you already have a will it may still be necessary for you to review it, especially if your circumstances have changed since your will was made. There are several reasons which could mean you should review your will. These include:

  •  changes to your marital status;
  •  birth of children, or even grandchildren;
  • the purchase or sale of a property; or
  • changes to your financial circumstances.

It’s important to remember that changes in laws can also impact on some instructions which may be detailed in your will. So, even if your personal circumstances have not significantly changed since you last made your will, you could still benefit from having your will reviewed by a qualified professional.

How to write your will

If you’re one of the millions of people that don’t have a will, there are two options:

  • Do it yourself
    It is possible to purchase Last Will & Testament packs at many post offices and online. This is the cheaper option. However, a will is an important legal document and it’s worth noting that mistakes can end up costing you more. If you have a complex family or your wishes are not straightforward, the DIY approach probably isn’t right for you.
  • Use a professional
    Working with a qualified professional, such as a solicitor, will mean paying out money to write your will. But they will be in a position to work with you, as well as your financial adviser or planner if you have one, to create a will that reflects your wishes.

How we can help you

We understand that writing a will can feel daunting and overwhelming. That’s why we work closely with two regulated firms of solicitors to offer you professional will writing services which are covered by the protections offered by a legal services regulator.

Our close relationship with both firms means that we can help you choose the most suitable solicitor for you and your circumstances. And, we’ll work with them to help make sure your will is in line with with your financial planning.

To find out more about how we can help you with your will, call 0330 332 7866 or email advise-me@fosterdenovo.com.

Calls are charged at your standard landline rate.

The Financial Conduct Authority does not regulate will writing, taxation and trust advice.
Foster Denovo Limited is authorised and regulated by the Financial Conduct Authority.