by Parveen Haynes

This article was updated and republished on 26 July 2023 to reflect that the amount of the statutory legacy has increased.

In this two-part article, solicitor Parveen Haynes TEP looks at why everyone should have a Will and why it should always be as up-to-date as possible.

In Part 1, she explores the reasons behind making a Will.

The pandemic became a springboard for the public to question their mortality and revise their estate plans. However, estimates suggest that less than half the population still does not have a Will. So why is it important that a Will should exist?

A Will is a legally binding document that deals with any assets and debts left in your estate at the date of your death. It is up to the person making their Will to review this over their lifetime and take any necessary steps to:

• make their estate more tax efficient
• check that the executors/guardians/ beneficiaries named are still relevant
• check whether there have been any changes to the law or the tax exemptions available to them

A Will should never be a ‘set and forget’ exercise. It should be reviewed every three to five years as a rule of thumb (unless circumstances require earlier action).

I often find that individuals who made a Will ten or more years ago, have changed circumstances where their old Will is no longer relevant or appropriate. They think that everything will work out should they leave things as they are or because a friend had a similar situation.

For example, tax positions change when you have children, marry or enter into a civil partnership. Any of these will have consequences on your estate planning. Therefore, your current Will should reflect these changes.

We prepare Wills that are tailor-made to an individual. What may work for a married or civil couple with property and children may not for a single person renting with close nieces and nephews. 

By structuring your Will in specific ways, you can use tax exemptions to lower the amount or even avoid any Inheritance Tax due on your death. By doing this, we have helped clients save thousands of pounds in Inheritance Tax, which is currently charged at 40% on anything over any available tax exemption threshold.

About the author

Parveen Haynes is an  associate solicitor in our Wills, Probate & Life Planning department. She is a full member of the Society of Trust and Estate Practitioners (STEP), an associate member of Solicitors for the Elderly (SFE) and a member of The Law Society Private Client Section.

To contact our Wills, Probate & Life Planning team, please call us on 01494 773377 and ask to speak to Parveen Haynes or Usman Khan.

Alternatively, please complete the short form below.

Further help

To contact our Wills, Probate & Life Planning team, please call us on 01494 773377, or complete the short form below.