Why should I update my will?

This means nearly half of wills nationwide could be out-of-date. Of those, nearly a third (30%) haven’t been updated in over seven years, and a fifth (20%) in more than a decade.

SFE commissioned YouGov to conduct this survey. The membership body, representing more than 1,600 solicitors specialising in working with older and vulnerable people, has launched 'Update Your Will Week' which runs from 28 March to 3 April to raise awareness of the importance of updating your will regularly.

The findings also show 52% of people in Scotland don’t have a will in place at all.

A worrying figure when you consider having an up-to-date and well-drafted will is crucial when it comes to making sure your wishes are carried out in the way you’d like when you die.

Why should I update my will?

Proper succession planning is the only way to make sure as much of your money, property, possessions and investments go to the people and causes you care about after you die.

Of course, a key part of that is a valid and up-to-date will; however, there are other considerations to bear in mind including tax and care fees as well as what happens to any businesses you’re involved in.

How often should I update my will?

Around every five years is sensible, or when a major life change affects you or your loved ones, such as divorce, marriage, a new birth or even death in the family.

SFE’s research reveals almost a third (31%) of people in Scotland with a will have had significant changes to their lives and circumstances since it was drafted.

Leaving an unchecked and outdated will when you die could mean, for example, missed inheritances and higher taxes.

Many people assume that once you have drafted a will you don’t ever have to review it, and that your wishes will be carried out as you'd like them to be when you die, but unfortunately, that’s far from true.

If you remarry, for example, a previous will may remain in place which doesn’t include your spouse.

Or if you marry into a family and have stepchildren that you’d like to inherit your assets — this won’t happen automatically unless you stipulate it in a new will.

Plus, many people don't know you can appoint a guardian for your children in your will, should anything happen to you and your partner. You may even want to add something in about who you'd like to care for any family pets.

All these details are crucial to make sure your assets pass to the beneficiaries of your choice and to try to avoid family disputes — which we know can be very distressing for your loved ones.

The research revealed —

• Less than a third (31%) of people realise stepchildren won't be included in your will unless you stipulate that separately.

• Seventeen percent of people wrongly think you can update your will by making changes on the original document and initialling them. This may be possible, but a court would need to accept the changes were valid

Will instruction process

Whether you're updating a will, or starting from scratch, we’ll tailor the process to suit you and can meet at your home or care setting, as well as at our offices.

Step 1: Information disclosure

It is helpful if you can complete our information form ahead of an initial meeting as it highlights topics that may require more careful consideration. It also helps us accurately capture your details as well as the details of any beneficiaries you want to include in your will.

This is optional, and we understand that you may want to meet with us before disclosing sensitive information. All information disclosed and discussed throughout this process is confidential.

Step 2: Initial meeting and presentation of options

You’ll meet one of our private client solicitors who will take your instructions, note the details of your proposed executors and beneficiaries, discuss your circumstances and the provisions you’d like to include.

For the will to be legally valid, we must take instructions from you, without undue influence from anyone else. As such, while you may bring someone with you to a will meeting, they may be asked to leave the room at that point.

If matters are more complex there may be a need for a further meeting. Our solicitors will also give an indication at this point of the costs involved. We will issue an engagement letter and detail the scope of work.

Step 3: Drafting and reviewing

We will prepare and send a draft will to you. Once you have reviewed it and confirmed you’re happy with it, or have advised of any outstanding information or instructions, we will prepare a final version and arrange a meeting to sign it. This will need to be done in the presence of a witness, or we can send you instructions so the will can be validly signed at home.

Step 4: Storage

We will store your will in our secure wills safe and send a copy to you.

Timescales

Many wills can be completed within two months, depending how quickly we receive your final instructions.

And if you're interested in finding out more about the SFE qualification, what it means for clients, and why it's important, take a look at this post from 2019.