What is National Will Month?
National Will Month is a time to encourage people to think about their Wills and whether their current arrangements still reflect what they want to happen to their estate.
A Will is one of the most important documents you can have in place, yet many people either don’t have one at all or have a Will that is no longer up to date.
This is particularly important as we get older, when our circumstances, family and finances can change considerably.
How Many People Over 60 Don't Have a Will?
You might assume that most people over 60 have a Will in place. However, a significant number don’t.
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Request Your Free Estate Planning ReviewResearch used by the Law Commission found that around 31% of people aged over 55 do not have a Will.
That means a large number of people are potentially leaving their families without clear instructions about what they want to happen to their money, property and possessions when they die.
And having a Will doesn’t necessarily mean that your affairs are completely up to date.
More Than Half of Wills Could Be Outdated
Research from Which? found that 57% of people who have a Will have not updated it within the previous five years.
This is important because circumstances change.
You may have moved house, acquired additional savings or property, had more children or grandchildren, experienced a marriage or divorce, or simply changed your mind about who you want to benefit from your estate.
The Government recommends reviewing your Will every five years and after major life changes.
So, even if you already have a Will, it is worth asking yourself:
Does my Will still reflect exactly what I want to happen today?
What Happens If You Die Without a Will?
If you die without a valid Will, you are said to have died intestate.
When this happens, the law determines who inherits your estate under the rules of intestacy.
You don’t get to choose who inherits your property, money and possessions.
For some families, the intestacy rules may produce an outcome that is broadly what they would have wanted. For others, the result can be very different.
For example, if you live with a partner but are not married or in a civil partnership, your partner does not automatically inherit your estate simply because you have lived together for many years.
This can create serious difficulties, particularly when the family home is involved.
Having a valid Will allows you to set out who you want to benefit from your estate and who you want to deal with your affairs after your death.
Why Is Reviewing Your Will So Important?
A Will isn’t necessarily something you should write once and then forget about.
Think about what has changed since you made your Will.
Have you:
Moved house?
Got married or divorced?
Had more children or grandchildren?
Lost someone who was named as an executor?
Acquired additional savings or property?
Changed your relationship with one of your beneficiaries?
Started a business?
Bought property overseas?
Become worried about how future care fees could affect your home or estate?
Changed your mind about who you want to inherit your estate?
If any of these apply to you, it could be worth having your Will reviewed.
What Can a Will Include?
A professionally drafted Will can cover much more than simply saying who receives your belongings.
Depending on your circumstances, your Will can include provisions relating to:
Your property
Savings and other assets
Beneficiaries
Executors
Guardians for children under 18
Specific gifts
What happens if a beneficiary dies before you
How your estate should be distributed
The right arrangements will depend on your individual circumstances, which is why professional advice can be particularly valuable.
National Will Month: Professional Wills From £79
During National Will Month, people aged 60 and over can access a professionally drafted Will through specialist estate planners for a reduced price.
A single Will is available for £79.
For couples, mirrored Wills are available for £99.
A mirrored Will is two separate Wills for a couple that broadly reflect each other’s wishes. For example, a couple may want their estate to pass to each other first and then to their children.
The Wills are not written by Later Living Helpline.
Later Living Helpline does not write Wills. We refer people to specialist estate planners who can discuss their individual circumstances and arrange for their Will to be professionally drafted.
This means that you can speak to someone who specialises in estate planning and discuss your individual circumstances rather than simply using a standard one-size-fits-all approach.
Are You Over 60 and Need a Will?
If you don’t currently have a Will, or you have an existing Will that you haven’t reviewed for several years, National Will Month is a good opportunity to find out more.
For just £79 for a single Will or £99 for mirrored Wills for couples, you can have your Will professionally drafted by a specialist estate planner.
You must be aged 60 or over to take advantage of this offer.
Find Out More
If you would like more information or would like to request a call from a specialist, simply click below and complete the short form.
National Will Month is a good reminder that it’s never too early to make sure your affairs are in order — and if you already have a Will, it’s worth making sure it still says what you want it to say.
