Having a will that is kept up-to-date is vital if your assets are to be given to the people you want them to after you pass away. Not having a will in place, or not regularly updating it, can leave your estate in limbo and your loved ones without the assets you have worked hard to provide them with. In this article, we look at why wills are an important part of home ownership and how to ensure you are keeping yours up-to-date.
If you die without having a will in place, you are classed as dying ‘intestate’ which means your assets are left to a default recipient as set by the law. This means your family will not have a say in how your assets are divided, which could leave some people without their intended inheritance. For example, if you are not married or in a civil partnership, your partner might not get anything. Similarly, if you live with someone but you are not married and you do not have any children, your estate will be left to any surviving parents. The only way to ensure your assets are distributed as you wish is to make a will.
Yes, if you are married when you die then your spouse will inherit the whole estate, including any personal possessions. This still applies if you are separated but not legally divorced. If you are not married but in a long-term relationship, your partners will not have any automatic right to inherit anything.
In general, it is recommended that you check and update your will every five to ten years, or after any major change to your life. For example, if you get married or divorced you should ensure your will reflects this change of circumstance so you can add or remove beneficiaries as you wish. Other life changes that may affect your will include: the birth of children or grandchildren, changes in your finances, changes in the relationships between family members, or the death of any beneficiaries or executors.
This is a common question when you first buy a home as you now have a significant asset that you might want to give to someone if you should pass away. First-time buyers, or any homeowners for that matter, are not legally required to have a will in place, but it is prudent to set one up anyway to ensure this substantial personal asset is left according to your wishes.
Updating your will does require the input of a solicitor to ensure it is legally binding, and this will cost you in the range of around £300 to £500 depending on a few factors. If you are making particularly complicated changes, such as including a trust, you can expect it to cost closer to the higher end of the spectrum.
Ultimately, having an up-to-date will is the only way to make sure your estate and any assets are left exactly as you wish them to be. Speak to an adviser today and help leave your loved ones with any gifts or inheritance they deserve after you pass away.
