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Your Will is a pivotal legal document, carrying significant weight in determining how your estate will be administered and who will inherit it after your passing. Surprisingly, only 1/3 of all adults in the UK have a Will. Highlighting that a substantial number of adults in the UK do not have a Will, leaving their estate subject to the rigid Rules of Intestacy, which may not align with their intentions or expectations.

Creating a Will becomes even more crucial if you are unmarried or not in a registered civil partnership, as cohabitants do not automatically receive the same rights as married couples or civil partners. This is because, without a Will, your long-term cohabitant may be left with nothing, despite years spent together.

In addition to clarifying the distribution of assets, a Will plays a vital role if you have children or dependents who may require care and provision after your passing. It provides certainty about who will take on these responsibilities. Furthermore, Inheritance Tax planning can be considered within your Will, ensuring that your family is placed in the best possible financial position.

It is important to review your Will regularly, particularly after significant life events such as marriage, civil partnership, separation, divorce, or dissolution of a civil partnership. Changes in circumstances can render parts of your Will invalid or inadequate, necessitating updates or the creation of a new Will. However, our experienced team at Nicholls Law can guide you through these changes and assist in drafting a new Will or making necessary amendments (known as ‘codicils’).

Information for Wills

 

Once you have appointed a solicitor, they will require detailed information about your assets, beneficiaries, guardians for minors, and other specific wishes outlined in your Will. It is crucial to follow the prescribed rules for signing your Will to ensure its validity.

Keeping your Will in a secure location and informing your executors, close friend, or relative of its whereabouts is essential. Many individuals choose to store their Wills with their solicitors for safekeeping.

At Nicholls Law, we are dedicated to providing comprehensive guidance in drafting your Will and offer lifetime free storage for Wills we have drafted. Contact us today for further information and assistance in securing your testamentary wishes.

Wills and the bigger picture

Estate planning is a complex endeavour that involves more than just creating a Will. It necessitates a holistic approach that encompasses various legal instruments, including trusts and powers of attorney.

At Nicholls Law, we recognise the interplay between wills, trusts, and powers of attorney as crucial elements of a comprehensive estate plan.

Drawing from our extensive experience in handling disputes related to these areas, we possess a unique ability to anticipate potential issues before they arise. By engaging our expertise, you can proactively address potential conflicts and ensure that your estate plan is robust, cohesive, and well-protected.

Whether it’s drafting a sound Will, establishing a well-structured trust, or implementing a carefully tailored power of attorney, we provide the knowledge and insight necessary to safeguard your interests and minimize future complications.

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