SFE Update your Will Week 2023
If you have made a will, dig it out and think…
Have you appointed guardians if you have young children? Possibly the toughest decision to make, but reassuring to have named someone, just in case.
Are your executors a bank or friends who may no longer relish the responsibility? Responsible, adult children can take their place or your partner can be the sole executor, especially if you’re leaving everything to them.
Have you made provision for grandchildren/children of beneficiaries to benefit if sadly they predecease you?
If you’ve married since making your Will, it’s probably been revoked.
Do any of these questions resonate with you?
If so now is the perfect time to address them as it is Update Your Will Week!
This week (23rd 29th January) is Update Your Will Week, 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revealed only 56% of UK adults have updated their will within the last five years, meaning around a half of wills are out of date.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, or having a child, since last updating their will.
We recommend that wills are reviewed and updated every five 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 two out of ten 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, Mercers is keen to raise awareness of the risks involved when a guardian isn’t appointed.
Speak to a member of our Private Client team today to enquire about making changes to an existing will or creating a new one.
Many of our Solicitors are members of SFE, a national organisation of lawyers specialising in advising people planning for later life. They’ll be able to provide you with support and guidance as you discuss your unique situation and wishes, they can 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, you’re making.
Get in touch with us today and make sure your wishes are communicated when you die.