Creating a Will is one of the most important steps in securing your family’s future and ensuring that your assets are distributed according to your wishes after your death. Few people appreciate the importance of registering your Will after it is created. Despite this, a survey by The National Wills Register revealed that 72% of people do not know where to find their parents’ Wills. This highlights a significant issue – while many people understand the need for a Will, few are ensuring their loved ones can easily access it when the time comes.
Creating and updating your Will
According to a report by The National Wills Register, over 50% of people in the UK do not have a Will in place. Without a Will, your estate will be subject to the laws of intestacy, meaning your assets may be distributed to unintended beneficiaries, leaving out those you wish to inherit your estate. This situation can cause confusion, potential disputes, and unnecessary stress for your loved ones during an already difficult time.
Having a professionally drafted Will not only gives you control over who inherits your estate but can also ensure that your Will is as tax-efficient as possible, maximising reliefs and nil-rate bands. Proper Pro-active estate planning can minimise the tax burden on your beneficiaries, allowing them to inherit more of what you intended.
However, creating a Will is just the beginning. Research by Solicitors for the Elderly (now the Association of Lifetime Lawyers) revealed that 47% of people with Wills have not updated their Wills in the last five years. We recommend reviewing your Will every 3 to 5 years or more to ensure it accurately reflects your current wishes. Life events such as marriage, having children, buying property or deaths should prompt immediate updates to your Will to avoid unintended consequences.
Why should you register your Wills?
As mentioned earlier, 72% of people do not know where to find their parents’ Wills. It is essential that if you have made a Will, your Executors and family are able to find it. If your Will cannot be located, your estate will be distributed as if no Will exists — potentially leaving your intended beneficiaries with nothing. This could also complicate the process of administering your estate, creating additional hurdles for your intended beneficiaries.
Registering your Will is a simple yet vital step to avoid these issues. The National Wills Register securely records the existence and location of your Will, ensuring that it can be easily found when needed.
So, if for any reason in the future your executors, beneficiaries or family cannot find your Will or forget where the original was written and stored, they can perform a Certainty Will Search.
Only once the searcher, such as an Executor or beneficiary, provides a death certificate and your Solicitor verifies their legitimacy, can the Will be accessed. This process provides peace of mind that your Will remains secure and confidential until needed.
Registering your Will is an important step in safeguarding your estate and ensuring your loved ones are protected. By taking the time to create, update, and register your Will, you’re making sure that your final wishes are honoured, avoiding potential legal complications, and reducing stress for your loved ones during an already challenging time.