24 T e Good Life Charity Wills & Legacies
Why now is the time to create your Will
With Free Wills Month off ering an accessible route to getting your aff airs in order, there’s no better time to start. Experts share why it pays to create your Will sooner than later. Words: Emma Lunn
chance to write or update their Will at no cost. It’s run in collaboration with charities and solicitors, the scheme aims to tackle a striking statistic: 54% of UK adults have yet to set their aff airs in order. While many associate Wills
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with later life, experts stress their importance for people of all ages — especially those with children, partners or signifi cant assets. Without a Will, your estate will be distributed according to intestacy laws, which may not align with your wishes. Here’s why making a Will should be your top priority.
Minimising inheritance tax A properly structured Will can help ensure that benefi ciaries don’t pay more inheritance tax (IHT) than necessary. Annmarie Forster, senior associate at Broadfi eld, explains: “A Will can be a useful tool for
arch marks Free Wills Month, a nationwide initiative off ering those aged 55 and over the
inheritance tax planning as the Will can be structured to make the most of inheritance tax allowances. “For example, leaving assets to a
spouse to use the spouse exemption allowance, leaving your property to children to use the residence nil-rate band or ring-fencing assets so that they benefi t from business property relief or agricultural relief.”
Protecting modern families Parents can use a Will to specify who should care for their children if both parents pass away. Without this provision, it falls to the courts to decide. Gareth Hughes, head of private wealth at law fi rm Lawrence Stephens, warns: “A key concern is responsibility for the day-to-day care of your off spring. Under a Will, a parent can appoint a guardian and ensure that children under a certain age will be cared for by the person or persons they trust most with this important responsibility. “Finances also warrant careful
consideration. By making a Will, a parent can put appropriate
structures in place so that assets are managed and used to support their children until they’re of an age to manage the assets themselves.”
Addressing digital assets From social media accounts to cryptocurrencies, digital assets are increasing in value every year — but they’re often overlooked in estate planning. Without clear instructions, accessing these digital assets can be something of a bureaucratic nightmare for bereaved families. Zoe Sivelle, partner at Taylor
Walton Solicitors, advises: “As digital assets aren’t always covered by a gift of ‘personal possessions’ in a Will, it’s often best to write a specifi c clause gifting them directly to a benefi ciary. It’s often also helpful to give your executors specifi c powers to deal with digital assets. “T e issue of access to accounts
after death often arises, and it would be sensible to write a list of usernames and passwords and store that securely, making sure to tell your executors where the list is kept.”
Promotional Content • Saturday 8th March 2025
Make the most of Free Wills Month IMAGE: GETTY
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