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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 Not to have a Will or to have an out of date or inefficient Will is uncaring, wasteful and often irresponsible. 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? Since then 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 or 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, 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 or Pension Policies?
Are they written in Trust for non-exempt beneficiaries?
Have you started an occupational Pension with Death in Service benefits? - Are they written or should they be
written in trust? Who are the nominees e.g. is a former spouse or CP still included?
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 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/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?
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