Why the New Year is the Right Time to Update Your Will

Associate, Leah Woodlee discusses what circumstances require a new Will to be put in place.

Why the new year is the perfect time to review your Will

A new year sparks everyone to set goals for the forthcoming year and finances are often a topic that comes up for a lot of individuals. Have you thought about protecting your finances in the event that you were to pass away?

Why not make it your New Years Resolution this year to put in place a Will or to update your current one to ensure that your loved ones are protected and that they will receive your estate when you pass away. This will give you peace of mind knowing that your financial affairs are in order!

Who inherits if you die without a Will?

Anyone who is over the age of 18 and has mental capacity can update their Will as many times as they want during their lifetime.

If you were to pass away without putting in place a Will, then the rules of intestacy will prevail. The rules of intestacy are a strict set of rules which will determine who will inherit your estate when you pass away. Further information on the rules of intestacy can be found on the Government’s website.

The rules of intestacy essentially make provision for a spouse and it goes down your blood line and lists who will inherit your estate. This means that in a lot of circumstances, the people that you would actually want to inherit your estate would not. For example, if you have a partner but are not married, you want to leave your estate to friends or a charity then they would not inherit under the rules of intestacy and the only way to ensure that they receive something is by including them in your Will.

Life events that should prompt you to update your Will

Listed below are some life events which should prompt you to consider updating your Will:

1. If the value of your estate increases or decreases in value substantially – our specialist Inheritance Tax experts can advise you on the different types of Wills available that may help mitigate Inheritance Tax.  
2. The birth or death of a family member – is there someone you need to add/remove from your Will. If you have a child who is under the age of 18, you may want to name a guardian in your Will to look after them.
3. If you marry or enter a civil partnership - this automatically revokes your Will unless it has been made in contemplation of marriage.
4. If you get divorced - this will exclude your ex-spouse from benefiting financially under your Will. Divorce does not invalidate the rest of your Will.
5. You lose contact with one of your beneficiaries or want to exclude someone - you may want to consider removing them from your Will. We will also advise you about whether anyone could try to make a claim against your estate if they feel that they have not been left reasonable financial provision.
6. An executor dies or is no longer able to act – you can appoint a substitute to ensure that someone of your choosing can administer your estate.
7. A beneficiary develops substantial debts – we can advise you on the different types of Wills available to protect assets.
8. You cannot locate your original Will or it has been damaged.
9. Changes in Inheritance Tax laws – this may change what you want to do under your Will.
10.  A beneficiary is in receipt of means tested benefits – we can advise you on the different types of Wills available to protect assets.

Protecting your beneficiaries through your Will

It is important to ensure that your Will is up-to-date because should you lose mental capacity in the future, then you will be unable to update your Will and your loved ones may miss out on receiving your estate.  If they feel like they have not been left reasonable financial provision in your Will they may have to try and make a claim against your estate and this is a lengthy and costly process which could have been prevented, had you updated your Will with your wishes.

By coming to a Will specialist you will have peace of mind knowing that the correct signing procedure of your Will has been followed and that the correct legal terminology has been used.  We will also advise you on your Inheritance Tax position and ways in which you can mitigate further tax becoming payable.

Speak to a Will specialist at Holmes & Hills

If you would like to put in place a new Will then please contact one of our Will specialists based in Essex and Suffolk.