A recent study by Aviva has revealed that money is often a taboo subject for the over 55s, with more than a quarter of over 55s admitting they haven’t discussed their financial retirement plan with their spouses. Even more worryingly, only just over a third of over 55s have yet to write a Will. This resistance to discuss important financial decisions even with loved ones can lead to troubling consequences, and it is important to ensure that you are in control of what happens to your property, possessions or savings if the worst should happen.
While discussing the inevitable can be difficult to face, should you pass away without having written a Will, the law will determine how your money, property and possessions are divided. In today’s society where many families have a less traditional structure, this can create unnecessary issues where loved ones to whom you may want to leave a sum of money may not be able to receive it. Your property or possessions may also risk being left to someone who you do not wish to inherit them.
However, by putting a Will in place as early as possible, you will be able to put plans in place for your children, grandchildren, spouse or other loved ones. It is important that it is written correctly by a qualified law professional. While many companies now sell ‘DIY’ will writing kits, or instructional books on how to write a Will, it is very easy to make mistakes. The correct jargon must be used and any vague or unclear language, as well as any spelling or grammatical errors, could cause your will to be interpreted incorrectly. Often more importantly, mistakes made when signing and witnessing a Will can result in the Will being invalid entirely.
It is also important to keep your Will up to date. Your Will can be amended any time, so if your family circumstances change (such as grandchildren being born or a divorce within the family), it is possible to modify your original document to reflect these changes. Your will should also be modified if your financial situation changes, for example if you have inherited a sum of money or set up a business, so that your new assets can be included in the document, and also to prevent any tax complications.
Making a Will should not be left to old age – at Wrigley Claydon, our Will Department are able to help you make a Will, or amend your pre-existing Will if your circumstances have changed.
Our team of professionals can assist you from start to finish and ensure that your loved ones are covered. To read more about the process of making a Will, download our information sheet. You can also call us on 0161 624 6811 for more information, or contact us through our enquiry form.
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