04/03/2025
This week (3–9 March 2024) is ‘Update Your Will Week’, an annual initiative of the Association of Lifetime Lawyers (formerly Solicitors for the Elderly), which aims to highlight how important it is to have an up-to-date Will.
People should review and update their Will every three to five years, or after a significant life event, such as getting married, divorced, having a child, or experiencing a death in the family.
Such major changes can have an impact on you and your family, and in some cases can even invalidate a previous Will, so reviewing it on a regular basis is crucial to ensure your Will is legal and continues to reflect your wishes.
We are delighted to support this initiative and would encourage anyone who thinks they may need to update their Will or create a new one to get in touch with our specialist solicitors who will be able to help.
At Russell & Russell, many of our experienced solicitors are Lifetime Lawyers, who give specialist, tailored support and advice with extra care, empathy, and attention.
To find out more about our Will writing services in Bolton, Chester and across the North West, or to speak to one of our specialist Wills solicitors, call us today on 0800 103 2600 or click here to request a call back.
To mark this year’s Update Your Will event, in this blog, our experienced Wills Solicitors round up the main things you need to consider when making your Will.
1. Make a list of your assets.
The first step is to work out what comprises your estate by making a list of everything you own.
This can include:
- Property, both individually and jointly owned.
- Assets held in Trusts.
- Money held in bank accounts, savings accounts, bonds and shares.
- Pensions.
- Life insurance policies.
- Jewellery and other personal possessions.
You should also draw up a list of any debts and liabilities you may have, such as mortgages or loans.
2. Consult a solicitor.
Using an online template or unregulated Will writer to help with your Will means that any mistakes you make can render it invalid or leave it open to challenges. You should always use a regulated, experienced Wills solicitor to write your will so that it is correctly drafted, accurately reflects your wishes and minimises the risk of disputes.
Click here for more reasons why you should use a solicitor to write a Will.
3. Think about what you want to gift and to whom.
Once you have established what you own, you need to consider who you want to leave it to after your death.
It can help to make a list of the people you want to benefit from your estate (known as ‘beneficiaries’) before you make your Will to ensure no one is forgotten.
Some people also choose to leave a gift to a charity in their Will.
4. Consider who you want to administer your estate when you die.
You need to name an executor (or executors) in your Will who is/are legally responsible for the various duties involved in estate administration.
An executor has various responsibilities, including:
- Ascertaining the assets and liabilities of the deceased’s estate.
- Valuing the estate.
- Paying any inheritance tax (IHT) due.
- Applying for a grant of probate.
- Collecting the estate’s funds.
- Settling any debts.
- Distributing assets.
An executor should be someone you trust. Most people choose a close family member, although you can also appoint a professional person to act as an executor, such as a solicitor or accountant. It is always a good idea to check that your executor will be willing to act before you draft your Will.
5. Make plans for your children.
If you have children, you should appoint a guardian in your Will who will look after your children at least up until the age of 18 if both natural parents or those with parental responsibility die.
A guardian has responsibility for decisions involving living arrangements, schooling and money.
Many testators (people writing their Wills) choose their siblings or another close family member as guardians.
6. Give some thought to your funeral plans.
Although funeral arrangements in a Will are not legally binding, any instructions you include can help guide your loved ones about your preferences.
Wills Solicitor Near Me
Russell & Russell Solicitors’ Wills and Probate department has extensive experience drafting deeds of variation, Will writing, probate, and other legal matters relating to estate management.
We are also accredited by the Law Society’s Wills and Inheritance Quality Scheme, which sets the benchmark for best practice and transparency in providing Wills and estate planning services.
To speak to one of our specialist Lifetime Lawyers and Wills solicitors, please call 0800 103 2600 or fill in our online contact form.
Please note that this article is meant as general guidance and is not intended as legal or professional advice. Updates to the law may have changed since this article was published.
Please note that this article is meant as general guidance and not intended as legal or professional advice. Updates to the law may have changed since this article was published.