Is it time you reviewed your Will?

When was the last time you looked at your Will?

It’s easy to think that once you’ve drafted your Will, you can put it to one side and forget about it. That’s not always the case. In fact, there are several times throughout life when it makes sense to review a Will.

• If your family grows, you may want to make provision for the well-being or education of children or grandchildren. You may also want to ensure that they only inherit funds when they reach an age where they can manage money sensibly, and wish to stipulate this in your Will.
• The death of a spouse is one of the commonest reasons that Wills get reviewed. If your spouse dies, you might want to distribute your assets in a different manner and leave more to your other heirs.
• If you divorce, a former spouse is automatically excluded from a Will following the decree absolute, but you may want to leave money for the benefit of the children of the marriage.
• Receiving an inheritance may mean you may want to divide up your assets in a slightly different manner. You might want to consider making extra provision for family members, or make a bequest to a good friend or a favourite charity.
• With the introduction of the Residential Nil Rate Band, you may want to review the terms of your Will to ensure you are making the best use of the new provisions regarding residential property.

 

Wills are extremely valuable tools that facilitate the transfer of your assets to your heirs upon your death. Throughout life, and certainly when any major changes have taken place, it makes sense to revisit the terms of your Will. Do get in touch if you would like to discuss the terms of your Will with us.