It’s hard to say goodbye at the end of life, but even harder for your loved ones to cope when that time comes and they have the added anxiety and stress of sorting out your Estate if you have not documented your wishes beforehand.
If there has been no Will put in place, it means that a whole new process has to be overcome to enable your loved ones to be able to take control and to be involved with the distribution of your Estate. It could also create issues for them trying to guess what your preferences and wishes would have been.
People do not realise that with no Will, the law decides on how an Estate is divided – with strict rules on the hierarchy and layers of family who would benefit. This may not fall in-line with what you would have wished for, it could also cause larger family issues amongst those you are leaving behind.
Although a difficult subject to discuss with your loved ones at any time in your life, ‘Future Planning’ in the form of making a Will or updating an existing Will is really important for you and for them, so it’s really good to talk.
During the course of your lifetime, circumstances can often change and these changes can impact on the relevance of your current Will. It is important to keep your Will up to date and review it on a regular basis to ensure your wishes are carried out.
Following the birth or adoption of a new child or grandchild, it is important to give consideration to them in a Will.
Furthermore, you can specify under your Will who should be the legal guardian of your children in a Will so that in the event of your death, your wishes as to whom should look after your minor children are known.
Existing Wills are automatically revoked by Marriage or Civil Partnerships, unless a clause is incorporated into your existing Will preventing this. If a new Will is not made following a Marriage or Civil Partnership, then you will die ‘Intestate’ without your wishes being met.
When dealing with a divorce, you may not have considered the need to amend your Will. However, it is unlikely that either party would want to benefit their former spouse following a separation. To ensure the other party is no longer a beneficiary of their Will, prior to ‘Decree Absolute’ being obtained, it is important to review your Will.
Following remarriage, your priorities may change. You may want to make provision for your new spouse, whilst ensuring your children from your previous relationships or new relationships are taken care of. It is important to review your Will to reflect your current family situation.
If the value of your assets have significantly increased or decreased, you will need to review your Will to ensure it reflects your current financial circumstances.
If your relationships with the people named in your Will have changed over the years, it may be time to review your Will to ensure those who matter most are provided for.
Is someone you had named as a beneficiary in your Will has died, you should review your Will as it may need to be changed to remove their name and to state who will now receive this inheritance. Also, if a named Executor or Trustee has died, it will be necessary to name different Executors and Trustees.
Tax regulations can change and it may mean that your Estate is now liable for ‘Inheritance Tax’. Our specialists can advise you on your current Inheritance Tax position. Estate planning advice can be given by our team to help mitigate your Inheritance Tax position.
You may wish to consider revising certain bequests made under your current Will or, naming adult children as Executors or Trustees.
Pengillys are specialists in this area and are truly independent. We can help you to fully understand the different scenarios in order for you to make the right decisions. We can then put the necessary legal documentation in place for you, ensuring complete peace of mind for you and your family for the future.
If you would like to talk to us about making a Will or updating an existing Will, please call us on 01305 768888 or complete the enquiry form below.
