Is your Will up-to-date? The essential checklist
Too many people die believing that their affairs are in order, only for their families to discover after they’ve gone that their Will was actually out of date.
A Will is a living breathing document, and for it to be accurate at the time of death it has to be kept up to date to reflect any life changes that may have occurred since the last revision was made.
If you don’t do this you run the risk of the Will being challenged by a disgruntled family member. In the worst cases it evens runs the risk of the deceased being declared ‘intestate’.
When you die ‘intestate’ (without a legally recognised Will) your estate becomes applicable to UK Intestacy laws.
This means that big decisions such as where your money goes and what happens to your children are decided by the Courts, rather than according to your wishes.
It’s also a much lengthier, stressful and more expensive process. To avoid this all-too-common pitfall, make sure you keep your Will updated to reflect any major life changes.
It doesn’t necessarily mean that you’ll need to write a whole new Will, and can often involve just a few simple amendments to your existing Will.
What’s classed as a major life change?
Here are some the events that should trigger a warning signal in your brain that it’s time to update your Will.
•A new addition to the family
•Buying or selling property
•Starting or buying a new business
•Inheriting property or significant assets
•Your partner remarrying or having children with someone else
•The value of your existing property increasing above the IHT threshold
•Losing touch or falling out with an Executor
What do I do next?
Getting these changes amended to your Will is often a simple process. In the first instance you should contact our office or the local consultant that came to see you.
We can then advise you on the best course action, depending on your individual circumstances.
Remember that too often people put these things off, even though they may have had the best of intentions. But once it’s too late there is nothing that can be done to reverse the situation. So don’t let that person be you.
Call us on: 0800 29 88 66 1
We will help you keep all of your affairs up-to-date, allowing you to rest assures that if the worst comes, you will at least have known that you did the very best for your family and loved ones.