Free Wills Month takes place in March 2022 and enables people over the age of 55 to have simple wills drawn up or updated by participating solicitors for free. Having a will means there is a record of what someone wants to happen to their assets when they die.
It is possible for people to draft a will themselves, but Hargreaves Lansdown have warned Britons they could make mistakes which will invalidate it.
Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, urged people to take advantage of the opportunity to get a will drawn up for free.
She said: “Drafting a Will is something we put in the ‘too difficult’ pile. We think it’s morbid and we don’t want to talk to our loved ones about what needs to happen when we die.
“However, it’s an important conversation that needs to happen and will bring you peace of mind knowing your affairs are in order and that the people you care about will be looked after when you die.
“Don’t fall into the trap of thinking your affairs are too simple to need a Will. Not having a Will causes confusion and potential financial hardship for those left behind.”
READ MORE: Benefits warnings: State pensioners could lose £358 a month if they fail to report to DWP
Some 21 percent of people said they were expecting a significant inheritance, according to research from Hargreaves Lansdown.
Ms Morrissey said: “They may have made plans based on receiving this money which may be destroyed if they then find out that they aren’t.
“Having a Will drafted by a solicitor means you are unlikely to fall foul of errors that can invalidate a Will – such as it not being witnessed properly – so it’s well worth seeking one out to help you with this important document.”
She also offered some tips for creating a will.
Have your will witnessed properly
“The testator (the person to whom the Will belongs) will need to sign the Will alongside two witnesses. They need to watch each other sign and date the Will and nothing can be attached to the Will as it may invalidate it.
“You cannot be a witness if you are the spouse or civil partner of the testator or a beneficiary of the Will. Spouses and civil partners of beneficiaries also cannot be witnesses.”
Be specific
“Generic terms like ‘wife’, ‘spouse’, ‘partner’ or ‘children’ may cause complications if your personal circumstances change. For instance, you might fall out with one of your children and spouses and partners can change. Be specific and use their names to make sure the right people get your assets.”
Update it when your personal circumstances change
Ms Morrissey concluded: “Our lives are complex, and we may marry, divorce and set up home with other people with whom you have entirely new families.
“It is vitally important to keep Wills up to date when your personal circumstances change to make sure a new partner or child is not excluded from a Will. While a divorce does not cancel a Will it does mean your ex-spouse can no longer benefit from it unless you expressly state otherwise.
“You need to check and amend the Will as necessary to make sure you know exactly where all your assets are going. Re-marriage revokes any previous Wills made unless they were made in anticipation of being married.”
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
