Have you looked at your will lately?
When making a will we can only do this to suit the circumstances we find ourselves in at that particular time. Without our crystal balls we cannot predict the future and, of course, situations change. This means the will may not necessarily reflect what we would like to see happen in say ten, or even five, years’ time.
It is very common for a client to say that they have recently moved house and, when doing so, they came across their will. Having been written several years ago they read it through to realise that some of the beneficiaries have now passed away, or that they are simply not as close to the people named as they used to be.
As the years pass, our financial position often also improves. This could be due to a house value increasing, or perhaps you received an inheritance. An increase in your assets can affect your tax position. By reviewing your will you may save yourself from paying unnecessary tax in the future.
You should also consider other personal changes of circumstance. Have you gotten married? If so it is very likely that your existing will is now invalid. Have you had children? If yes, then you ought to consider appointing a guardian to look after them in the event that you pass away before they come of age.
Maybe you have had grandchildren since your will was last reviewed and you would like to leave them a legacy?
Who are your executors? This important role is sometimes overlooked. It may now be appropriate to appoint someone else to manage things in the event of your death. You may now find the person or people you appointed in the past would now find the task too much or you may feel someone else is better suited to the role.
Whatever the reason, it is always worth getting your copy of your will out of that cupboard and taking a look. It may be that your will is still fine and you can put it back safe in the knowledge that you have everything just how you want it.
However, if your will does need reviewing do not put it off. Chat to our experienced wills, trusts and probate team to see how we help you to bring your plans up to date.