Once you’ve made a Will, the temptation is to file it somewhere safe (having let your loved ones know where, of course) and to just forget about it. Circumstances change though - and so should your Will.
Here are 7 potential changes in circumstances that we advise you remain mindful of. If any happen to you, or to someone who stands to inherit from your estate, you need to revisit your Will to ensure it still protects your wishes….
If you are getting married you need to make a Will.
Most married people opt for Mirror Wills. Mirror Wills are the perfect way to protect the estate of a couple. They enable you and your partner to specify the people you would like to benefit from your estate after you die.
Without a Will:
With a Will:
If you are going to have (or already have) children you need a Will to ensure they are looked after by your choice of legal guardians should you die before they are 18.
Many parents and grandparents also choose to protect children from inheriting wealth before they are at an age where they are likely to be responsible enough to know how to best use it by stating in their Will, e.g., that their inheritance is to be held in a Trust until they are 18 (or 21), or by even stating what, specifically, the inheritance can (and can not) be used for.
Did you know that ...
It’s not just when a new baby is coming into your family that you need to revisit your Will though. It could be that you, or your child is remarrying, bringing new stepchildren or step-grandchildren into your family. Many people revise their Wills accordingly to make it very clear, e.g., who has the right to live in the family home and who inherits what when the time comes.
If you're getting divorced, or are divorced, you need to review your estate plan.
At the very least, you will need a new Will.
WHAT ARE THE RISKS OF NOT RE-WRITING MY WILL IF I AM GETTING DIVORCED?
Did you know that...
If you have an estate plan, it is a good idea to review it. If you do not, it is a good time to research how planning your estate might benefit yourself and your loved ones. In the mean time here is a useful link to the Citizen's Advice Bureau's advice on ending a marriage.
If you own a property or are about to buy one, you need a Will. Property is the single biggest asset in most people's estates. It is also their most vulnerable.
Did you know...
If you die without a Will, find out how the courts will share your property.
Did you know?
If you have inherited some money, taking a little bit of time to work out how best to use it makes sense. This includes writing a Will (or updating a Will).
My Estate Planning Expert provides some great advice on working out what to do with your inheritance.
If you run a business or hold a directorship in a business, at the very least, you need a Will and a Business LPA. You will also need Co-Directors and Shareholders to make a Will and a Business LPA.
If you run a business or hold a directorship in a business, you need a Will and a Business LPA because recent changes in legislation and case law mean it is now almost impossible to remove a Company Director who has lost mental capacity. Would you want your business to be run by someone who is unable to make logical decisions?
Given the potential risk to Directors and their families from being sued by Co-directors and Shareholders for having not made sufficient provision, it is now vital that everyone who runs a business has a LPA dealing specifically with their business affairs.
Although the legislation covers specifically Company Directors, should a case come before the courts concerning either a Sole Trader or a Partnership, then the courts are likely to apply the same principles.
Did you know?
Tax laws are always changing and promises (or threats) made in manifestos sometimes come to bear. If you do not have a solicitor advising you, it is always worth keeping an eye on inheritance tax law to ensure you are aware of any potential benefits that could be gained by changing your Will.
My Estate planning Expert is a great source of such advice, indeed, in a recent article, this site shared 7 Must-Knows about RNRB Inheritance Tax Changes. It’s well worth a read since it explains the changes you need to make to ensure your family can benefit from new inheritance tax legislation that came into being on April 6th 2017. These changes could give your family potential extra property allowance.
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