A New Year is often a time where we take stock, making plans and resolutions for the year ahead. These resolutions usually revolve around losing weight, taking up a new hobby, or saving money but one thing many people don’t think about is their will.
If you already have a will…
With each year that passes, your circumstances will change, whether as a result of buying or selling property, getting married, moving in together or having children or grandchildren. This means that every few years your will needs to be reviewed to take account of these changes
The main reasons to prompt a review of your will are;
Marriage – if you enter into a marriage or civil partnership, your old will is automatically cancelled
Property – if you have sold a property which was previously gifted in your will to a particular person then the will needs to be reviewed otherwise your intended beneficiary may lose out.
Births or bereavements – you may want to add new additions to your family into your will and remove any beneficiaries who have sadly passed away.
Changing laws – a regular review of your will allows your legal advisor to consider the assets in your estate and their value and advise you on changes in the general or tax laws which may be relevant to you.
If you don’t yet have a will…
Whatever age you are it’s important to plan ahead and make a will. That way you make the choice as to who deals with your estate and inherits your assets when you die.
One of the most common myths is that you don’t need a will because your husband or wife will automatically receive everything you own by default. While this can be true for some estates it isn’t always the case.
If you’re not married but live with a partner, they will not be entitled to anything from your estate and so without a will, those you care about most may not be financially provided for.
While family disputes can arise whether a will exists or not, it is perhaps more likely to arise where it isn’t clear what the deceased person wanted to happen to their assets. This is where the law steps in to dictate how the estate is distributed. Having a professionally drawn will enables you to make your wishes clear to your loved ones.
The Private Client team at Farleys Solicitors LLP are experienced in all aspects of will drafting. For advice on making a will, or to discuss your existing will, call the team on 0845 287 0939 or email us here.