New Year, New Will?

We often make New Year’s Resolutions in January with the best of intentions to improve our lifestyle or tackle tasks we have been putting off. Why not make one of your resolutions to review your Will arrangements? Updating your Will is a small step that can make a significant difference to your loved ones.

It is all too easy to assume that once you have made a Will, it’s a task you can forget about. However, life changes, and it is important to ensure that your Will reflects your current circumstances and intentions. Reviewing your Will regularly—and particularly after significant life events—ensures that your wishes are accurately recorded and that your estate is distributed as you intend.

When Should You Update Your Will?

• If you have married or entered into a civil partnership since making your Will, it is crucial to review it. In England and Wales, marriage automatically revokes a Will unless the document explicitly states that it was made in contemplation of marriage. Without an updated Will, your estate may not be distributed as you wish.
• If your financial circumstances have changed, perhaps through acquiring property, receiving an inheritance, or growing your investments, your Will may need to be updated to reflect these changes.
• Life events such as the birth of a child or grandchild, the death of a beneficiary, or changes in your relationship with family members may necessitate amendments to your Will. For instance, you might want to provide for grandchildren or reconsider executors as your children reach adulthood.
• If your Will was created before 2007, it may not account for significant changes to the Inheritance Tax (IHT) regime. For example, the introduction of the transferable nil-rate band in 2007 allows unused portions of a spouse’s IHT threshold to be transferred to the surviving partner, potentially reducing tax liabilities.

Key Considerations When Reviewing Your Will

• Executors and Trustees

Are the Executors you have chosen still the right people for the job? If your children have grown up, you might want to appoint them as Executors instead of friends or relatives who were named when they were younger.

• Beneficiaries

Does your will accurately reflect your current wishes regarding who should inherit your estate? Are there new family members to include, such as grandchildren, or individuals you no longer wish to benefit?

• Specific Gifts

Are there personal items, such as heirlooms or sentimental possessions, that you wish to leave to specific individuals? Ensuring these are detailed in your will can help avoid disputes among family members.

• Charitable Donations

If you wish to leave part of your estate to charity, updating your Will allows you to specify the charities and amounts.

The Importance of Reviewing Your Will and Seeking Professional Advice

Your Will represents one of the most significant gifts you will ever leave to your family and loved ones. Ensuring it is up-to-date and accurate is essential to minimise family disputes, reduce legal challenges, and distribute your Estate in a tax-efficient manner.

While it is possible to draft or update a Will on your own, seeking professional advice ensures that your Will is legally valid and comprehensive.

Our team of solicitors who specialise in Wills, Trusts, and Probate can provide guidance on:

• Tax planning to minimise Inheritance Tax liabilities.
• Structuring your Will to protect vulnerable beneficiaries.
• Incorporating trusts to safeguard assets for future generations.

If you feel your Will needs reviewing or you need to draft a new one, please contact us for expert advice you can count on. We can guide you through the process and help you create a Will that reflects your wishes and provides peace of mind for you and your loved ones.