When was your Will made?
If more than 5 years ago it almost certainly needs reviewing and possibly updating
If it is a DIY Will – a review is strongly recommended
Has the Will writer offered a review?
Since then what has changed… ? Any of these should trigger a Will review.
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 become disabled or terminally ill?
Have children or grandchildren been born?
Has a beneficiary, executor or guardian become disabled, too ill to act or died?
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?
Have you started an occupational Pension with Death in Service benefits?
Are they written or should they be written in trust?
To what extent has your Inheritance Tax (IHT) exposure changed? (the current Nil Rate Band – the tax free allowance per person - is £312,000)
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 information and documents from the first death are required to make an application to HMRC for the transfer of the NRB on second death?
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, is it wise to make their tax position worse? Consider leaving money to your grandchildren.
Your Will holds together everything you have worked so hard for. Not to have a Will or to have an out of date or inefficient Will is uncaring, wasteful and often irresponsible.
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.
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 most 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 and what it means in preserving the value of the house for your family?
Does your Will position your affairs effectively to preserve the value of your family home?
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