Free Wills Month: Do You Need to make a Will?

For two months every year, during October and March, people can have a solicitor make a Will for them free of charge as part of Free Wills Month. In this piece, Castlefield adviser Michael Owens explains why Wills are so important and if you need to make a Will.

What is a Will?

A Will is a legal document that lets you decide what happens to your money, property and possessions after you die. Having a Will in place ensures that your estate is distributed in line with your wishes and can save your family and friends time and money. It can also make sure you don’t pay more inheritance tax than you need to. If you die without having a Will in place, your estate will be distributed by the rules of intestacy which can become quite complicated.

Who should make a Will?

Essentially everyone should consider making a Will. It’s especially important for partners who aren’t married or in a civil partnership, as you cannot inherit from each other unless there is a Will in place. Even married and civil partners won’t automatically inherit everything if you have children. Anyone with children or dependents should consider making a Will to name a guardian, appoint trustees of your child’s inheritance and set out a plan for your child’s finances.

Essentially everyone should consider making a Will

What changes affect a Will?

It can be important to revisit your Will if your circumstances change. For example, what happens to a Will when you get married or enter into civil partnership? It is automatically revoked. On divorce the Will remains valid but if your former partner is named in your will, they will be treated as if they died before you. It can be a good idea to review your Will every 5 years. Other changes that should prompt you to consider revising your Will include when you have children, move home, receive an inheritance or the executor of your Will dies.

It can be a good idea to review your Will every 5 years

What is Free Wills Month?

Free Wills Month takes place twice a year – in March and October – to give anyone aged 55 and over the chance to have their Will written or updated for free. The campaign is funded by charities and it’s hoped that you leave money to charity in your Will. People typically leave between £300 and £500 but you don't have to leave anything if you don't want to. It’s worth noting that Free Wills Month covers the writing of ‘simple’ Wills. If your Will is more complicated then you’ll normally need to pay for the service yourself.