Review your Will in January
There is a saying, New Year, new start, and that is true. Our Will solicitors often see an influx of Will instructions in January as the New Year makes people think about estate planning.
If you need help with reviewing your Will then the Will and estate planning team at Solomons Solicitors can advise you on whether your current Will needs changing or if it remains fit for purpose.
Contact our team today to find out how we can help you.
Why you should review your Will
Some people think that once they have made a Will then that is it for life. Will solicitors say that however carefully your first Will was drawn up your circumstances, or those of your family or friends, may have changed. Even if your Will solicitor made sterling efforts to ‘future proof’ your Will it may still need tweaking to reflect your new family or financial situation or to make your estate planning more tax efficient.
Here are some examples of why you should review your Will:
- Separation – you have separated from your husband, wife or partner
- New relationship – this could be a marriage or unmarried relationship. Alternatively, you could have got engaged and set a wedding date and need a new Will in contemplation of your marriage
- Property purchase – this could be in your sole name or jointly with a partner
- You regret your choices – you may want to change your named executor, trustee or the testamentary guardian of your children
- New family members – you may have left your estate to be divided equally between your children but your Will does not mention other relatives such as new grandchildren for who you may wish to set up a Will Trust pending reaching an appropriate age, for instance.
- You want to create a discretionary trust because your personal and financial circumstances are a bit complicated. Perhaps you are paying spousal maintenance to your first spouse, have stepchildren or have bought a property with your cohabitee.
- You have decided to take out equity release on your family home and you are not sure how this should affect your estate planning and Will
What should go in a new Will
What goes into your new Will is down to you. Your new Will may be prompted by a change in family dynamics, such as the birth of a grandchild or a divorce, or by a recognition that your wealth has grown over the years so estate planning is necessary.
A Will solicitor will listen carefully to what you want your Will to do and they will draft a Will for you that aims to:
- Meet your wishes in line with your current family circumstances
- Is tax efficient – to reduce the amount of inheritance tax paid by your estate
- Is future proof – including ‘what if’ clauses to say what will happen to a legacy if a named beneficiary predeceases you
- Reduces the risk of claims being made against your estate – this could be through the creation of a discretionary trust in your Will or alternate means, such as recommending that you and your estranged spouse obtain a clean break financial court order
Estate planning and your Will
Your Will may not need changing in January 2024 but carrying out a review of your Will, estate planning and your Lasting Powers of Attorney gives you and your loved ones the peace of mind that you have up-to-date paperwork to protect them should anything happen to you.
Speak to our Bournemouth-based Will Solicitors today
Solomons Solicitors can help you with all your Will and estate planning needs. Our experts can assist with your 2024 Will review to ensure your Will is fit for purpose.