Legal News | 9.12.21
’Tis the season to be jolly……and to make sure that your Will is up to date
Christmas is a time for fun, food and festivities. However, it can be a season where we spend an inordinate amount of time with family and tensions can mount; rows over Grandad having a tipple too many and someone cheating during the traditional Monopoly game.
It can also be a time where we realise how important our families are to us and consider how best to provide for them in the future.
Christmas can therefore be a complex time and can make us start to re-evaluate our priorities. One of these priorities should be reviewing your Will. This is best done regularly – estate planning is crucial and can make life so much easier for your family once you are gone. It is imperative to make sure that your Will is up to date so that your current wishes are known.
Here are 5 reasons why you should update your Will:
• Change in relationships: have your relationships with your beneficiaries or executors changed? Has anyone passed away?
• Children: if you have children, it is advisable to appoint a guardian in your Will; someone who would be prepared to look after them in the event of your untimely death.
• Substantial change in assets: if you are thinking about buying a new house or even an expensive car, it is important to update your Will to ensure that these assets pass to your chosen beneficiaries.
• Tax: if you have inherited since you made your last Will, the size of your estate (and thus the inheritance tax bill) may have increased. Moreover, if it has been a while since your last Will the inheritance tax legislation may have changed and you might need fresh advice.
• Lessen the risk of challenge: ideally, you want your wishes in your Will to be honoured. However, disgruntled relatives may feel that they have been left out unfairly and will try to claim what they think they are rightfully due.
If you would like some advice on updating your Will please do get in touch with us at wealth@wansbroughs.com or telephone us on 01380 733300.
