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Making a Will Is Important and You Get One for Free This Month

Category: Estate Planning

You might have heard that during October and March, there’s an initiative called Free Wills Month.

If you are 55 or older, you can have a lawyer write or update your Will for free. This opportunity is funded by charities. While they hope you’ll consider leaving a gift to them in your Will, there’s absolutely no obligation to do so.

What Exactly Is a Will?

A Will is a legal document that lets you decide what happens to your money, property, and possessions after you pass away. Having a Will ensures your estate is distributed according to your wishes, which can save your family and friends a lot of time, money, and unnecessary stress. It can also help you avoid paying more inheritance tax than necessary. If you don’t have a Will in place, your estate will be distributed according to the rules of intestacy, which can be complicated and might not reflect what you actually want.

Who Should Make a Will?

Everyone should think about making a Will. It’s especially important if you are in a relationship but not married or in a civil partnership. Without a Will, you cannot inherit from each other, which can cause difficult situations.

Even if you are married or in a civil partnership, you will not automatically inherit everything if you have children. So, it is important to clearly state your wishes. If you have children or dependents, a Will allows you to:

  • Name a guardian for your children
  • Appoint trustees to manage any inheritance left to them
  • Set out a financial plan for their future

Life Changes That Might Affect Your Will

Remember these points about how changes in your life can affect your Will:

  • Getting married or entering into a civil partnership automatically cancels any existing Will.
  • Getting divorced doesn’t cancel your Will, but any mention of your former partner is treated as if they’ve passed away before you.

It’s a good idea to review your Will every five years or when significant life events happen, such as: having children, moving home, receiving an inheritance, or if the executor of your Will passes away.

What Is Free Wills Month?

Free Wills Month happens twice a year, in March and October. It’s a great opportunity for people aged 55 and over to have a simple Will written or updated for free. Charities fund the campaign, and while they hope you’ll consider leaving a legacy to them in your Will, you’re not required to. Keep in mind that the offer usually covers simple Wills. If your situation is a bit more complex, you might need to cover some costs yourself.

Interested? Here’s What to Do Next

If you’re thinking about taking advantage of this opportunity, you can find more information or register your interest on the Free Wills Month website: https://freewillsmonth.org.uk/.

Feel free to reach out if you have any questions or need further advice on estate planning.

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