14 January 2020
If you have a Will in place, that’s great. You’re already one step ahead of millions of people, as more than half of UK adults don’t have one.
This is a task many people forget to do. Yet making sure your Will remains up-to-date could be as important as preparing one from scratch.
Why? Because in life things change. People. Relationships. Finances.These can often mean that your Will may no longer reflect your wishes. Despite this, Royal London research shows that 53% of people – who have experienced a major life event – haven’t updated their Will. So, what was right for them years ago may no longer be the case.
Ideally, you should review your Will every five years to ensure it still reflects your wishes. Or after a major life event to reflect your new circumstances.
We can help you make or update your Will through our Will Writing Partners, Redstone Wills.
Amongst the excitement of welcoming a new child or grandchild, an important task is to make sure your Will is updated – as they won’t be automatically added to it.
You can also use this opportunity to specify in your Will who you’d like as legal guardian of your children in the event of your death.
Once you marry, any Will made before your wedding will become void, unless your Will makes specific reference to your intended marriage, so you’d need to renew it in order to avoid dying ‘intestate’. This is what happens if you don’t have a Will in place – and means your assets will be shared out according to the intestacy law, not your wishes.
Contrary to when you marry, if you were to divorce, this wouldn’t automatically void your Will, but any gift to a former spouse takes effect as if he or she had died when you divorced. Often this means the gift would be shared out between the residuary beneficiaries.
When you move home, you should take steps so that your new property is included in your Will. You might need to discuss how it’s owned and the overall value of your estate.
If you buy a second property and wish to leave it with different people, this needs to be reflected in your Will arrangements.
If someone included in your Will has sadly passed away, it may need to be adjusted to state who you would now like to receive that share of your estate.
After receiving a large sum of money, you’ll need to say who you’d like to leave it to in your Will. Likewise, if you lose money, you should review your Will to ensure you’re leaving only what’s available.
If you have an inheritance tax liability, you may be using your Will to reduce it. If you haven’t reviewed your plans for some time, key changes over the past decade could mean your Will no longer helps to reduce the amount of inheritance tax payable on your estate.
We understand legacy planning can be complex. That’s why we’re here to help you.
Find out more about our will writing service.
Skipton Will Referral Service is administered and provided by Redstone Wills Limited, Windmill Road, St Leonards-on-sea, East Sussex, TN38 9BY. Company no. 3673190. Skipton Building Society and Redstone Wills Limited are both members of The Society Of Will Writers and they both abide by their Code of Practice, copies of which can be found on the Society of Will Writers website or by writing to them at Chancery House, Whisby Way, Lincoln, LN6 3LQ.
Please note that the Wills, Trust planning and most forms of Inheritance Tax planning are not regulated by the Financial Conduct Authority.
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