We often make New Year’s Resolutions in January with the best of intentions to improve our lifestyle or deal with those matters that we have been putting off. Why not make one of your Resolutions to review your Will arrangements?
It is all too easy to assume if you already have a Will in place it is not something that you have to (or perhaps, want to) think about. However, it is important to bear in mind that if your financial circumstances have altered significantly, or there have been changes to your family situation, then your Will may need updating. We therefore recommend that you read through your Will to ensure that it still meets your needs and fits your overall circumstances.
Some specific points to consider are that:
- If you have married since you made your Will the act of marriage revokes a Will unless specific reference to the marriage has been made in the Will beforehand.
- If you made your Will prior to 2007 then there have been significant changes to the Inheritance Tax regime upon which you should consider taking advice.
- If your children have grown up since you made your initial Will, your choice of executor may be out of date or you may now have grandchildren you wish to provide for.
When you leave your estate on your death you are most likely making the largest gift you will ever make to your family and loved ones and it is worth taking the time to ensure that it passes as you would wish it to.