As we approach the summer months and thoughts naturally turn to holidays, whether at home or abroad, I also see it as an opportune time to review my Will. My general thought is to suggest that a Will is reviewed every 4 to 5 years, as a minimum, to ensure that the Will remains relevant, tailored to my needs and tax efficient.
If you do not hold a Will, I would strongly recommend that you take advice as to the preparation of one.
Dying Intestate (that is without a valid Will in place) can be traumatic for those who are left to administer your Estate and can lead to difficulties amongst family members when or if those you would naturally wish to benefit are unable to do so, or do not receive the value of the Estate that was anticipated. On an intestacy, the person who benefits is determined by law and also in such circumstances, if a deceased has no legal heir, the deceased’s estate becomes property of the government. By ensuring that you hold a valid Will as at the date of death you can direct to whom your assets will pass upon your death.
Have your circumstances recently changed? Have you had a baby? Have you bought a new property? Have you received an inheritance? Are you getting married or entering a civil partnership? Are you in the process of getting divorced? If so, any of such change of circumstances would be a good opportunity for you to re-write your Will or write your Will for the first time. Having your Will professionally prepared will enable you to discuss various scenarios with your Solicitor and ensure that your Will is tailored made to your own particular circumstances and to meet your own wishes. Once written, or updated, you can then be confident that you can leave the Will to one side for perhaps 3, 4 or 5 years, before you reconsider and review it.