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Is your Will up to date?

Is your Will up to date?

New Year is always a key time to make resolutions, and if you want to ensure your assets are protected and your loved ones are cared for, then now is the perfect opportunity for you to get your affairs in order.

Even if you do have a Will, remember you should review it regularly, ideally once every 5 years and especially after life-changing events like getting married or having children. If your Will has been filed away in a drawer for some time, ask yourself the following and see whether you need to make some changes to it:

  • Have you married or remarried, or are you in a serious relationship and cohabiting?
  • Are you in the same relationship or have you divorced since your Will was first prepared?
  • Do you have children / grandchildren that you want to account for?
  • Are your Beneficiaries up to date? Have any of your beneficiaries circumstances changed eg death, suffer from ill health or are bankrupt etc?
  • Do you own property?
  • Do you own your own business?
  • Have any of your Executors passed away?

If your relationship status has changed since you first prepared your Will, remember that your ex-partner can still inherit from it if you haven’t updated it or created a new one. Likewise if you are cohabiting there is no automatic right for your long-term partner to benefit from your Will.

The Government is currently looking at making changes to trusts and succession law which could have a huge impact on many individuals who do not have a Will, but any changes in legislation, such as Inheritance Tax, could impact your Will emphasising how important it is that you take control by having a Will and ensuring it is up to date. With a Power of Attorney and a Will from Ness Gallagher your assets are protected, your loved ones cared for and your wishes safeguarded. The team at Ness Gallagher will be very happy to meet with you and guide you through this complex but important process.