When was the last time you looked at your Will? Most Wills are hidden at the back of a cupboard somewhere and never see the light of day. Wills should be reviewed in much the same way as you check your life insurance coverage or make sure that your choice of attorney in your Lasting Power of Attorney still meets your needs. At Solomons Solicitors, our team can help you review your Will.
Contact our team today to find out how we can help you.
Why you should review your Will
You may have a well-written Will, but if it does not reflect your current personal and financial circumstances, your Will is not fit for purpose.
An out-of-date Will can result in:
- Your estate is not left to the people or charities that you would now like to give your money and property to.
- Your executors or trustees not being your preferred choice because of any reelvant change in circumstance.
- Being liable to pay more in inheritance tax than would have been the case had you taken advice on estate planning and revised your Will.
- Your Will being challenged because it is out of date and does not make reasonable financial provisions for relatives or dependants.
Triggers to consider reviewing your Will
Triggers to think about reviewing your Will are many and varied. A Will solicitor can discuss your existing Will and your new circumstances and advise if changes should be made. Sometimes the changes are not obvious so it is best to check with a private client solicitor that your Will still reflects your situation and your wishes.
Triggers to consider a Will review include a significant change in you and your families circumstances, such as:
- being the recipient of an inheritance or the sale of your family business,
- an engagement, the birth of a child or grandchild, a new relationship, a separation, or divorce,
- your child is at risk of bankruptcy or is going through divorce proceedings,
- a rise in the value of your assets,
- a need to review and change your choice of executors and trustees in your Will.
How to review your Will
Reviewing your Will is one of those tasks that you can be tempted to put off as you have a Will and you do not want to go through the hassle of sorting out a new one. A specialist Will solicitor can simplify the task by advising you if a new Will is necessary and, if the changes are minor, explain if a codicil (a supplement to your existing Will) is sufficient or if a new Will is required to reflect your new family or financial circumstances.
Speak to our Bournemouth-based Wills Lawyers today
Solomons Solicitors can help with Will writing, probate, and the administration of an estate. For a free initial consultation, call us today on 01202 802 807 or use our online enquiry form.