Your Will is a legal document that reflects your wishes and can protect your loved ones after your death by ensuring your wishes are carried out, however, your circumstances will change throughout your lifetime making your situation different now to what it was when you first made your Will. Would your Will still reflect your wishes if any of these life changing events took place?
Guardianship of your children
Does your Will provide any guardians for your children in the unfortunate event that both you and your partner died with your children under 18 years old. Who would you want to have the legal guardianship of you children?
Your current Will may provide for your children to inherit but you now have grandchildren – you may wish to include them or give them a specific gift or legacy.
Potential Inheritance Tax Implications
Since making your last Will, you may have inherited from a deceased relative’s estate. If your assets have increased since making your Will, you may need to look at any potential tax liability and make sure your Will has appropriate provisions to reflect the current tax law.
Sometimes relationships breakdown over time and you may find that you no longer wish for a particular person to inherit from your estate. If you do not ensure your Will correctly reflects this, your estate could be left vulnerable to challenges and disputes amongst loved ones. Disputes are costly and can be very upsetting to all involved. Whilst there may be a potential of a claim being made against your estate in certain circumstances, it is less likely if your Will is up to date and written by professionally trained solicitors.
Why should I consider Lasting Powers of Attorney?
Whilst it is important to review your Will regularly, have you thought about looking at a Lasting Power of Attorney as well? If the time comes when you require assistance looking after your affairs, either due to your physical or mental wellbeing, who would be able to assist you? A Lasting Power of Attorney is a legal document that appoints someone you trust to be your Attorney. Your Attorney would be able to make decisions on your behalf which could include day to day banking affairs, property matters, health and welfare decisions and, if you wish, life sustaining treatment decisions.
30 minutes free Will reviews
Our Private Client Team are here to help you and we offer 30 minutes FREE Will reviews. We provide expert legal advice that is tailored to your individual needs. We are able to discuss your personal requirements and any questions you may have at that time.
To make an appointment for a 30 minute free Will review or to discuss an Lasting Power of Attorney please contact us by clicking here.