You prepared a Will only 5 years ago and so you are all set – you may be wrong!
Consider these changes in the past 5 years. You may have;
- Got married, had children or grandchildren;
- Changed domicile or purchased a property abroad; or
- Set up a business;
These life events may impact on your current provisions and as a result your estate may pay unnecessary inheritance tax. At worst you may even find yourself intestate!
REASONS FOR UPDATING
You have got married
Wills are rendered null and void by marriage.
You have children
You can appoint guardians for any infant children that you have.
Your domicile status has changed
This may prevent your Will operating as you would expect.
You have bought a property abroad
Depending on the jurisdiction you may also need a foreign Will. NQP can assist to ensure your English Will remains valid.
You have business interests
Business assets that you own may qualify for inheritance tax relief
OTHER REASONS TO REVIEW YOUR WILL
Reduce Inheritance Tax
A well drafted Will may reduce your estate’s inheritance tax liability.
Grandchildren
Consider making provision for any grandchildren which you did not have when you made your previous Will.
You are retiring
You may be about to receive a lump sum payment or income drawdown which will increase the value of your estate.
You have divorced
Your intentions for who inherits may have changed. In addition, a divorce alters some provisions of your Will which may not be your intention
Executors
As your life evolves you may wish to review the executors you appoint.
If you would like your Will reviewed, please do get in touch with Hope Gale who will liaise with the partners to organise a time for the review.