Why Update Your Will?

We all have the best of intentions at the beginning of a year to bring some positivity to our lives and start the year afresh. What about considering making a Will? No don’t groan… read on – it’s important!

It is estimated that 2/3 of the adult population of this country do not have a Will and therefore have not planned who should be responsible for administering their estate and who should inherit. You have spent all your life accumulating an estate, be it small or large, with hard work and time. Why wouldn’t you want to ensure that it is left to those you care about such as family or close friends, or a charity that means the world to you?

Aside from any New Year Resolution, you may have experienced some recent life-changing events that should trigger a Will review.

A New Baby

Whether it’s your own new child, a grandchild or a godchild, you might need to consider such issues as a legacy or share of your residuary estate for when they’re older. You might need to consider a trust if they have special needs and take advice on the best way to do this without impinging on any benefits they might be entitled to. If you have your own children, you’ll need to appoint guardians to take care of them if you are not there to – probably the most important thing you’ll ever do!

An increase in wealth

You may have inherited money, won money on the lottery (we can all dream) or your property or estate value may have increased over time and you want the best for your family by planning around inheritance tax. This could involve some planning during your lifetime too.

A new partner

Your friendship may have blossomed, and you decide to live with your partner – but who owns the property and how will you take care of each other when the first of you passes away? What if there are children from previous relationships? We can advise you on how to make provision for your partner during their lifetime and preserve assets for your children.

Divorce

Separation can change all of your previous planning arrangement, and divorce will automatically change your Will where provision was made for a spouse previously. Come and chat about how you can plan with a new outlook.

Death of a loved one

Losing someone close to you may mean you gain an inheritance or a new decision is needed on how to leave your estate to a new set of beneficiaries.

It’s one of those things many people put off, but our experience is that it is less stressful than you might think, especially with our experienced team of lawyers. Continual feedback is that the process is really painless and you have the peace of mind of putting your affairs in order and ensuring you have taken care of your loved ones and favourite charities.