As we reach the end of January and the resolutions that we made on the 1st are slowly diminishing, now is still an ideal time to make a new will or revise your old one.
If you think that 2014 could be a life changing year for you then below are some of the best reasons to make your will now:
1. If you got engaged over Christmas, and are planning to get married in 2014, any existing will you have will automatically be revoked by marriage unless it is specifically made in contemplation of marriage.
2. If you are at the other end of the spectrum and went to your family law solicitor on ‘Black Monday’ to enquire about divorce, dissolution of a civil partnership or separation, then it is essential to update your will as soon as possible because it is likely that your spouse is a beneficiary under your old will.
3. If you are planning to buy a house together this year and will be cohabiting but are unmarried or not in a civil partnership, and you do not have a will then the intestacy rules will dictate who receives what on your death. The intestacy rules do not make provision for your co-habitant so if you want them to benefit from your estate, you need to make a will providing for them.
4. If you are having a baby or planning to adopt in 2014 then your will is the best place to appoint guardians and trustees to look after your children and your wealth in case anything happens to you.
5. If someone has passed away sadly and you are left a legacy which increases the value of your own estate, you may wish to find out more about inheritance tax so that if any is payable in your own estate, you can consider the ways in which this can be mitigated.
So if you have given up on going to the gym already and are back eating the butter rich croissants for breakfast and drinking wine on a week night then consider making a will so that you can protect your loved ones and get a least one thing ticked off your list!
For more information please contact us.