Top Five Reasons To Update Your Will
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A will outlines how a person’s assets are distributed after their death, and can also include provisions for tax planning. By having a will, individuals can ensure that their wishes are carried out and their loved ones are taken care of after they pass away.
Here are Berlad Graham’s top five reasons to update your will.
1 – You own a house.
Property usually makes up the majority of one’s estate. Your will should cover all of your assets to ensure that your trustees have the appropriate knowledge and powers to deal with your estate fully.
2 – You are a parent to minor children.
As life can be unpredictable, your Will can deal with guardianship of any children under 18 years of age to ensure that they are looked after by the responsible people of your choice, increasing their chances of staying out of the care system.
3 – You are a parent to adult children.
You will always wish the best for your children and their future partners, but you can never be too careful. Updating your will affords greater protection of the family assets from divorce as well as an opportunity to provide for grandchildren.
4 – You are divorced and/or remarried.
- Marriage will automatically revoke a will made previously*.
- However, divorce will not automatically invalidate a will.
- You should update your will accordingly to ensure your estate is distributed according to your wishes.
*unless the will is drafted appropriately in anticipation of marriage.
5 – Tax Planning.
Government budgets and tax legislation changes often, and with the value of real assets fluctuating, especially during these times of market instability, regularly reviewing your will in line with changes in the law will increase your likelihood of a tax efficient will.
For more information on making a will or amending an existing will, contact our Wills and Probate team:
0330 175 5655