Why you should you review your Will

Important points to check:
 

Who have you appointed as your Executors? They will deal with your Estate after you have died. They are responsible for paying the inheritance to the beneficiaries. Are the people you have named still the best choice?

 

It might not be a good idea to have elderly Executors as they may not survive you. When the time comes, they may lack the mental capacity to deal with your estate. Perhaps you now have adult children, nieces or nephews who would be a better choice?
If your Executors have moved abroad, you may wish to consider choosing Executors based in the UK instead. They would be able to access and deal with your home and belongings easily.

 

Have your Executors fallen out since making the Will? Consider whether they can work together as a team and make joint agreements. Administering your estate will be an impossible task if they are not on speaking terms.

Amounts

What cash gifts have you included? Are the amounts still sensible? A gift to your grandchildren of £150 was a lot of money in 1972 but it may only be a small proportion of your estate now. Should the gifts increase or perhaps decreased in line with the current value of your Estate?

Lifetime Gifts

Lots of people make gifts to family members during their lifetime. If you give £50,000 to one of your children now, you might wish to reduce their inheritance under the Will. This means that all your children will receive the same inheritance in the long-run.
Beneficiaries

Who have you left gifts too? Is there anyone else to whom you should leave a gift? Consider planning for younger generations. Have you since had children or grandchildren? It may be better to give them an inheritance now rather than it being received from their parents in years to come.

Have any of your beneficiaries experienced problems with alcohol, drugs or mental health issues? Have they gone bankrupt? It may no longer be appropriate for them to manage their inheritance. It may be sensible to have Trustees hold their inheritance on trust for them. Trustees can be professional or personal i.e. a family member. It is the Trustees’ responsibility to invest the inheritance and make payments to the beneficiary as appropriate.

Your Home

If one of your children or other family members have moved in with you, you should consider where they will live after your death. Are you leaving them an inheritance, and if so, will it be sufficient to re-home them? Should you include a right of occupation or a life interest in your home so that they always have somewhere to live? Will your other children or spouse agree what should be done or should you leave them specific instructions?

Marriage and Divorce

When you get married your Will is automatically revoked. The exception to this rule is if it was drafted with your impending marriage in mind and includes appropriate wording). Both you and your spouse should look to make new Wills.

Have you got divorced? If so, do you need to update your Will to appoint another Executor? Do you need to re-think who will receive an inheritance?

Inheritance Tax

The Inheritance tax regime is always changing, with new exemptions coming into force. Sometimes they only apply if your Will is structured in a particular way. You may wish to review your Will with a professional to make sure that it results in the least amount of tax payable. 

If you would like assistance with reviewing your Will please contact our expert  Wills, Trust and Probate lawyers based at our Bournemouth and  Christchurch offices. 

 

Please note, this is not legal advice. It is intended to provide information of general interest about current legal issues.