Whilst it is great to have a will in place, it is just as important to keep it up to date to ensure that it is fit for purpose. 

In this blog, Dunham McCarthy illustrates the importance of keeping your will up to date to ensure that your estate and beneficiary details are as they should be to insure an efficient probate process. 

Having an up-to-date will is crucial because time moves quicker than you think and with it, inevitable changes to your life in terms of family members, friends as well as your assets and investments. 

Be Aware of the ‘5 Year Rule’

OK, it’s not really a rule; it’s more of a recommendation! As we’ve already said, things change quickly and often unexpectedly in life. New family members come and unfortunately, old ones go. Furthermore, personal circumstances can change. Perhaps you have met someone new and maybe they’re now living with you OR perhaps that old aunt left you an inheritance… and almost certainly, after 5 years, there will be changes to any savings and investments you might have.

Essentially, what we are saying is that a ‘snapshot’ of your life today is likely to be very different to the one you took 5 years ago!

Be Aware of the Common Law Myth!

If you are not married or you’re not in a civil partnership and you were to die, are you aware that your partner might not get anything – even if you are living together? In fact, if you haven’t had any children together, your estate (that’s to say your savings, investments, property and all other possessions) would most likely go to surviving parents! The Common Law ‘marriage’ is a pure myth; not matter how much you love your partner or how long you have lived together – legally, they could be left ‘high and dry’ without a will in place!

The only way to ensure your assets are distributed as you would like, upon your death, is to update your will!

Elderly Parents

For many elderly parents, the passing of 5 years can seem more like a year with many believing their will is up-to-date and still fit for purpose. For all the reasons already highlighted – such as the arrival of new grandchildren and possibly issues surrounding their property and future care, it’s probably time that they re-visited their will.

To inform your elderly parents that they perhaps need to re-evaluate their will, consider the following steps:

• Encourage new will discussions. If you have any siblings or family friends, try and do this together so that everyone is aware of what’s happening and what’s been said; this prevents any misunderstandings in the future.
• Prepare for the discussion. Use a structured approach to discuss both your own and their concerns openly and honestly.
• Be supportive. Old people, by nature, often don’t like change. Show empathy and understanding and patience as they may feel uncertain about the changes and practical suggestions.
• Talk to a will writing professional. Preferably one with legal training and recognition, like ‘My Last Will. Such a provider can then advise on all the options and offer useful advice.

Use Dunham McCarthy for Producing a Will that is Truly Effective 

Dunham McCarthy provides you with a truly effective will writing service due to our levels of service:

• Online video appointments at your convenience.
• Dunham McCarthy are both estate planners and will writing professionals with our own in-house legal team.
• Competitive pricing with a discount for mirror wills.

For further information: enquiries@dunham-mccarthy.co.uk