Is your New Year resolution to make a Will?

At this time of year resolutions are at every turn – our health and fitness are usually at the top of the list but how about our future?  It is estimated that nearly 50% of the UK population don’t have a will in place! Why not make 2023 the year to make a Will and give yourself some peace of mind?  We have created this blog to address the areas to consider when planning your will to give you a helping hand – and of course we are here to help and support you in any way.

One of our biggest challenges is to highlight the importance of future planning. We tend to consider ourselves invincible and that Wills are documents for “old” people, when in fact everyone over the age of 18 years should consider them as crucial future planning.

What should I consider when I make a Will?

• Who would look after my/our children?
• Who would handle the paperwork?
• Are there any specific items say of jewellery or special items that I would like to gift?
• Do I want to gift any specific sums of money to anyone or a charity?
• Maybe I want to protect my share of the family home for my children in case my spouse/partner re-marries?
• Do I want to be buried or cremated?
• What sort of funeral service would I like?
• Do I want to leave all my assets to my spouse/partner?
• What if my spouse/partner has predeceased me, who would then inherit my assets? (You can divide your estate into as many shares as you want and in varying percentages)

Some people mistakenly believe that they do not have any assets so do not need to make a Will. An “asset” is any sum of money and therefore most people should have one. Plus, a Will covers other important instructions, such as who will look after your children.

Having these conversations, thinking about these important questions really will give you peace of mind and you may in these circumstances have the time not only to think about these things, but also speak with a solicitor, provide the instructions for a Will, and get it finalised and marked off the “To Do” list.

How can we help?

Hunton & Garget can guide you through this process and offer free storage of your Will at our Richmond office.

One thing we do urge you to do before choosing a will writer is to check they they are WIQS accredited – this means they have been awarded The Law Society’s best practice quality mark for wills and estate administration advice…you can find out more about the WIQS scheme and its importance here (link to Lisa’s video)

Our services and fees can be viewed here and we also have a section on our website offering clarity on the most frequently asked questions regarding questions regarding Wills which can be found here.

As always, we are happy to help you with any queries you may have.