When is the best time to make a Will and do you need a Solicitor?

We appreciate that making a Will is not on the top of everybody’s to-do list and can often go under the radar but when should you consider making a Will?

Making a Will is essential to ensure that your wishes are carried out after you die. It is peace of mind for you that your estate will be passing to your loved ones and goes a long way to reducing your family’s stress at an already very difficult time. Making a Will should not be left until later years, it is advisable to make a Will as soon as possible and to keep it updated throughout your lifetime.

It is best to make a Will when you are physically and mentally able to do so, with a clear understanding and idea of your wishes for your estate after you pass away.

Making a Will may not always be as simple as you may think, and there may be issues that you may not have thought of. It is best to make a Will as soon as you can so that you have the opportunity to consider any issues and consult a Solicitor to discuss any worries you have.

Wills should be reviewed regularly but especially after significant life events such as getting married or divorced, having children or buying and selling property. After any significant life event, it is always best to check with a Solicitor who will be able to advise whether or not these will affect any current Will in place or whether any changes may need to be made.

A Solicitor will talk to you through the tax implications of your Will and explain any potential Inheritance Tax (IHT) liability. You may think that your estate will not be subject to IHT, but this may not always be the case once all assets are considered. A thorough discussion with a Solicitor can highlight any issues and ensure that you are fully informed, rather than leaving a surprise IHT liability for your family to deal with after you have died.

Having your Will made through a Solicitor will ensure that your Will is validly executed, witnessed and stored in a safe place. After signing the Will, you will be provided with one of our “Next of Kin” Cards so that your family can easily find your Will after your death. You will also be provided with a “My Documents” booklet which will help you to consolidate all the information regarding your assets in one document so that your Executors have easy access to the necessary information when required.

Making a Will may be daunting, and we appreciate that not everybody is comfortable with discussions of what would happen after their death but we as Solicitors will guide you through the process in a friendly manner to make the discussions as easy and understandable as possible.

Please contact a legal advisor in our Private Client team to discuss making, or updating, your Will – we have offices in York, Selby, Malton or Pickering.