Legal News | 31.12.20

New year, new Will?

2020 has been a year unlike any other, and many people have seen a change to their financial situation as a result. As we say goodbye to 2020 and hello to a new year, it is the perfect time to consider whether the effects of 2020 have affected how you wish to leave your estate after you die.

You may wish to consider making a Will. If you have not already made a Will there is no guarantee your estate will pass to those who you wish to inherit. Making a Will also allows you to choose who you wish to administer your estate, to leave specific gifts of money and/or possessions, and to leave your estate so it will be distributed in the most tax efficient way to suit your current circumstances.

Even if you have already made a Will it is a good idea to regularly review it to ensure it still reflects your wishes. This is particularly important if you have had a change in your circumstances since you made or last reviewed the Will, if you have since married then your Will is automatically revoked. Additionally, if the value of your estate has increased or decreased, or you have new family members who you would like to inherit a share of your estate, then a review makes sense.

If you wish to make small changes to your Will, for example changing the people you have appointed as your executors, such changes can be made by a document called a Codicil. For greater changes, you should consider making a new Will to revoke and replace your previous Will.

If you would like help making a Will or to review your existing one, or help making a Codicil, please do not hesitate to contact your usual Wansbroughs contact or email wealth@wansbroughs.com.