A Will holds together everything you have worked hard for. Not to have a Will or to have an out of date or inefficient Will is uncaring and often wasteful. Take control and enjoy peace of mind by making or updating your Will – one of the most important things you will ever do.
• Are you sure your Will meets your changed circumstances?
• Does it really reflect how you wish to dispose of your wealth?
Do you know what intestacy or partial intestacy will mean?
• If married – your spouse will not get everything and your wealth may go to those you do not want to get it.
• If not married – your partner will get nothing.
• Married or not – minor children will have no appointed guardians and may be at risk of being put into care.
• In some cases – your estate may have to meet unnecessary costs and tax.
• In all cases – there will be muddle, distress and probable family upset.
Is this what you want?
As joint owners of the family home
• Do you hold the house as Joint Tenants or as Tenants in Common? Do you understand the difference?
• Does your Will position your house (and other assets) effectively to preserve its (their) value?
When was your Will made?
• If more than 5 years ago it almost certainly needs reviewing and updating.
• If it is a DIY Will – a review of your wishes and a professionally written Will are strongly recommended.
Has the Will writer offered a review? What has changed?
• Have you got married, formalised a Civil Partnership, are you about to marry? (marriage revokes a Will).
• Have you started living with your partner in a long term relationship?
• Have you broken up a long term relationship, divorced or had your marriage annulled?
• Has your spouse or partner died? (if within 2 years a Deed of Variation is possible)
• Has your spouse, partner or a beneficiary become disabled or terminally ill?
• Have children been born? (guardians should be appointed in a Will)
• Has the birth of grandchildren changed your wishes as expressed in your current Will?
• Has your relationship with an executor changed? Do you still want him/her to act?
• Has an executor become too ill to act, become bankrupt, died or moved abroad?
• Have you or any one mentioned in your Will changed names?
• Have you disposed of any property which you specifically bequeathed in your Will?
Have you acquired more property?
• Have you bought your first or more property in UK?
• Have you bought a property abroad or in Scotland? (your global assets are subject to UK inheritance tax)
• Do you have an overseas Will? (and a Scottish Will for property north of the Border)
• Are you confident that your UK and overseas Wills do not revoke each other?
Have you started any new Life Assurance policies or Pension Plan?
• Are they written in Trust?
• Are the benefits of your occupational Pension Plan and Death in Service benefits written in trust? Is your former spouse or Civil Partner still nominated as a beneficiary? Is that what you want?
To what extent has your Inheritance Tax (IHT) exposure changed?
• Have you received an inheritance?
• Have you set up or bought a new business?
• Has the combined value of your and your spouse’s or Civil Partner’s estate – everything you own - risen above the Nil Rate Band (NRB)?
• If your spouse or Civil Partner has died – did he or she use their tax free NRB in their Will?
• Do you know what documents and information are needed when applying for the transfer of their NRB?
Will the provisions of your parents’ Will make your own IHT position worse?
• Have you talked to your parents about their Wills?
• If your adult children are exposed to IHT, does your Will make their tax position worse?
• Have you thought about leaving money to your children and /or grandchildren in a Trust? |
