We know how important it is to keep your Will updated. No matter how long you have had your Will, you can update it if your situation changes, or if you want to add something to it.
If any of these things have changed, you should consider updating your Will.
1. Executors or beneficiaries changed / moved
A Will includes Beneficiaries and Executors. When they sign the Will, they have to provide their current contact details. This includes contact phone numbers, work details and their address. If any of these items have changed for a Beneficiary or an Executor in your Will - you need to update it.
2. New children / grandchildren
You can specify if you want your children, or grandchildren to inherit your assets in a Will. If you have a new child or grandchild, you can update your Will to include them.
3. Estate value increased (property, pension, investments, death in service…)
If your Estate value increases, this will need to be updated in your Will. Your Will can stipulate what happens to your property, savings and investments when you pass away. To be sure that there are no tax or government implications or challenges to your Will, the Estate value needs to be as up-to-date as possible.
4. Children grown up / moved
5. Separated / Divorced / Widowed
In a Will you have to put down your marital status, and your Will also changes depending on how you want your Estate to be handled. For example, you could leave all your savings to your partner, or let them have full control over your home.
If you have recently separated, divorced or widowed - you will need to update your Will to show this
6. New address
If you have recently changed address, this will need to be updated on your Will. You have to stipulate the current property you are living in.
7. Got married / new partner
There are different Wills that can be drafted for partners, like a Mirror Will. This will give you more options than a regular Will, based on what you and your partner would like to do with your Estate.
8. Additional property
If you have multiple property that you own, this is all counted towards your Estate. So if you gain new property, you need to update this in your Will as this might change the value of your Estate.
9. Executor / beneficiary has lost capacity or died
In some cases, an Executor or Beneficiary on your Will may have passed away or lost the capacity to act on your Will. This could mean that they are being cared for in a home, or have a mental or physical issue which means they cannot carryout your wishes, as stated in your Will.
If this happens, you can change the Executors or Beneficiaries in your Will.
10. Tax efficiency
Without up to date advice and documents, your wishes may not be fulfilled. Don’t underestimate your estate value - or its value to the next generation!
If you find that any of the above reasons to update your Will meet your situation, please contact us today and we can advise and guide you through the process, suit to your needs.
Give us a call on 08000 622 146 or send your details over to firstname.lastname@example.org
Questions about estate planning? Confused about Inheritance Tax?, want to make sure you are up to date or simply want to confirm what you already know?
Clear your conscience and protect your family for generations to come with our help. If you can't clearly understand your Will or remember its implications, we can help!