There is no time like the present
It is vital that people regularly review their Wills to ensure that they reflect their true intentions and take into consideration any changes in their personal circumstances. As a general rule of thumb people should review their Wills at least every 5 years.
Here are a few examples of changes in circumstances which should prompt a Will review:
· If children have reached the age of 18, as they will no longer require a guardian and could be considered suitable executors of a Will
· If grandchildren have been born and you wish to make provisions for them
· If you get married or enter a civil partnership, as your current Will becomes automatically revoked upon such event unless there is a clause contemplating the marriage
· If a beneficial or executor predeceases you
· If you divorce, although your ex-partner will be prevented from administrating or benefitting from your estate you will need to consider a replacement executor and/or beneficiary
· If you would like to change your executors i.e., due to a breakdown in relations
· If there is a change in your assets i.e., your property or retirement plan
It is also worth noting that from the 1st January 2022 new regulations apply in respect of Inheritance Tax (IHT). This is another reason why people should consider reviewing their Wills to ensure that their tax objectives are being met. You can read a full blog about this here.
Here are Garden House Solicitors we understand the importance of our clients regularly updating their Wills to ensure that they reflect their true intentions. Throughout the month of May we are offering free Will reviews, please call our office if you would like to book in on 01992 422128.