What might need updating in your Will
Given time, and we all know how quick that goes! there could well be changes to your financial position, family and friends and the law which all means that you need to keep an eye on the suitability of your Will, so here’s 10 good reasons, but beware this list is not exhaustive so get in touch with us if you’re not sure:
- Executors and Trustees. Have any of their details changed, do you still trust them to manage your estate, have you appointed enough and is there a reserve, a plan B? For more information click here.
- Guardianship. Is your choice still right, now your children are that bit older do you think they’d get on with who you have chosen, have you included reserve guardians just in case your first choice cannot act for whatever reason? For more information click here.
- Digital assets. If you have an online presence, your executors will need authority to close down your accounts, wherever they are situated.
- Survivorship clause. If you have one of these in your Will it could cost your beneficiaries dearly if you both died within 30 days of each other, and currently I am talking about 40% on £325,000 (2019/20), you do the maths!
- Trustee powers. Do your trustees have outdated legal authority to manage your estate, most Wills could do with updating in this respect.
- Inheritance Tax. Your estate may not pay it currently, but what if you receive an inheritance, how will that affect you, generational inheritance can cause a cascade of tax liabilities unless you address it head on now. For more information click here.
- Dependent or vulnerable beneficiaries. If this is relevant to you or someone you know, it is worth including provisions in your Will to protect them. For more information click here.
- Disinheriting someone. Quite a common occurrence these days and if not dealt with carefully will result in your Will being contested under the Inheritance Act 1975, provision for family and dependents. For more information click here.
- Life Interest in Property. Clauses vary so it is worth checking if yours is relevant and meets your needs, careful wording can improve the protection your Will trust provides, enough said! For more information click here.
- Is a Will enough. Find out the limitations of a Will, you might want to consider a Trust now, set up whilst you are living, to protect your estate from unforeseen or unexpected risks, sounds a bit cryptic, so ask us to explain. For more information click here.
We will not charge you to review your Will, instead we ask for a donation to our chosen charity, for more information on FREE Will reviews click here.