A Question of Will Power
With tax changes coming, now is a good time to make or review your will, says Paul Lewis.
Do you have a will? And – before you think, “Yes, so I don’t need to read this!” – have you reviewed it recently? Even if that’s another yes, perhaps you should review it again. Because on 30 October Rachel Reeves will present her first Budget. And we know there will be tax changes and they may affect inheritance or the decisions you make about what you leave to whom. So November is the perfect time to make or review your will.
November is also the month when solicitors throughout the UK make wills for free! Well, almost. In exchange they ask you to give a donation to the Will Aid charity. They recommend £100 for one straightforward will or £180 for a matching pair for a couple. That’s a lot less than they would normally charge. (More complicated wills will cost more but that donation will always go to Will Aid.)
Will Aid says a staggering 56% of people do not have a will, and another 11% admit theirs is out of date. Reviewing it every few years or when anything changes is recommended. Remember that if you have married since making your will, it is now invalid – except in Scotland where the rules are more sensible, but even there you should definitely review it.
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Most at risk are couples who live together in unmarried bliss. The majority do not realise that if one died the other would normally get nothing unless there was a will specifically leaving money, property and possessions to them.
Nearly a third of cohabitees believe that everything would automatically go to their partner. But without a will, it won’t! Even if you are married or in a civil partnership, not everything always goes to your spouse if you have no will. That is why every couple should make sure they have an up-to-date and valid one, especially if they are a blended family where there are children of more than one relationship to consider.
You can make an appointment with a local solicitor in the Will Aid scheme on the willaid.org.uk website. There are also useful FAQs on how to prepare for the consultation and which charities are supported. So you will, won’t you…?