Business | STYLE
FIVE REASONS WHY YOU S H O U L D U P D AT E Y O U R W I L L
By Lee Peck ha m ROACH PITTIS
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veryone should write a Will and update it when life’s circumstances change significantly. Your family and financial circumstances rarely remain the same indefinitely, so when a major change happens in your life, it is also a time to reflect on whether your Will is still fit for purpose. 1. Marriage, separation and divorce It is very important to remember that marriage completely revokes your Will, whilst divorce revokes only those clauses relating to your spouse. So, if you are about to marry or enter into a civil partnership, you should make a new Will. If you have separated from your spouse, consider updating your Will, because if you die before your divorce is finalised, any existing clauses benefitting your spouse will remain valid.
5. Health problems Our health can deteriorate at any point in our life. If you become terminally ill or you are seriously injured in an accident and you know your prognosis is poor, making or reviewing your Will can give you peace of mind. The specialist Will lawyers at Roach Pittis are experienced in providing compassionate advice and support in difficult circumstances. You may also want information regarding Lasting Powers of Attorney, which we can also provide. Always see a specialist Solicitor when thinking of making or changing your Will. Will writers are unregulated and may not have specialist expertise. The risk is having a Will that is ineffective or even invalid.
2. Births and deaths You naturally want to protect your children as far as possible, including providing for them after your death. You may have named children as beneficiaries in your current Will, however this will not automatically include further children. You should therefore update your Will where necessary. You may also want to consider appointing a suitable legal guardian for your children in case you die before they reach 18. 3. Tax mitigation Inheritance tax advice can be provided to ensure you receive all the relevant information, before deciding what type of Will suits your circumstances and wishes. 4. Financial windfall If you receive a large inheritance, redundancy pay out, or you are lucky enough to win the lottery, you should consider updating your Will. We can discuss with you whether making cash gifts to your loved ones or to your favourite charities to reduce the size of your Estate is a good option for you or not.
For further information please contact us on 01983 524431. This article is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from, as a result of what is said. March and April 2021
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