This week (3rd - 9th March ) is Update Your Will Week, an awareness campaign spearheaded by The Association of Lifetime Lawyers (ALL).
The campaign is designed to encourage more people to review and update their will, if they already have one, or to make one if you don't already have one in place.
According to the latest research from the ALL, 1 in 10 UK adults have begun the process of making a will, but have not completed it. Not only this, almost half (49%) of adults in the UK don't even have a will in place.
This means that, should you die, any assets of yours will be distributed according to the rules of intestacy. This might not be how you want your estate to be shared, so it is important to put a will in place to ensure your wishes are respected.
Not only this, if you die without a will, it can cause all sorts of problems, particularly if you aren't married.
Many people assume their partner will inherit, if you've lived together for many years but aren't married (so-called 'common law spouses'). But this isn't what happens under the 'intestacy' rules if you die without a will. So, if you want your assets to pass to your partner and you aren't married, you absolutely need a will.
How often should I review my will?
It is important to review your will with a professional at least every five years. Not only could this help to reduce the likelihood of disputes, it will provide assurance to loved ones that your will reflects your most up to date wishes.
If there are any major changes in your life / life events such as a marriage, divorce or new birth, it is prudent to review your will again, to ensure that your wishes are documented accordingly.
Working with a professional for support in drafting your will is an investment which could pay divends in the future, particularly when it comes to limiting the impact of inheritance tax.
Importance of updating Shari'a wills
Once an older or primary inheritor family member has passed away, Shari'a compliant wills must be reviewed and updated.
This is because there will be a need to adjust and review any prescribed shares. A timely update can therefore help clarify where the surviving members stand in relation to inheritance, whilst helping to fulfil faith-based wishes by updating the will to reflect any changes.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
