December 5, 2023
5th December 2023
Is your will up-to-date? It’s easy for years to fly past but it’s vital that you check your will regularly to make sure it is up-to-date and reflects your wishes. Here’s a guide to some of the key reasons why you may need to update your will.
Marriage: Marriage automatically revokes a will unless there is a specific clause that refers to your intention to marry your current spouse. If you have made a will before marriage, it is vital you check it is still valid otherwise the rules of intestacy will apply.
Cohabitation: Unmarried partners do not have any automatic protection unless a will is made. It is important that you review your will if you are living with a partner so that issues over property ownership and financial security can be addressed.
Children: Have you had any or more children since making your will? It’s important that all children are included within your will and that guardianship appointments are up-to-date.
Finances: What changes have there been in your finances? Do you own a property abroad? Have you given away property specified as a gift in your will? Do you have concerns about inheritance tax?
Suitability of Executors / Guardians: Are they still the right people for the job? Are they capable, willing and suitable to take on such responsibilities?
Beneficiaries: Have you changed your mind about who should inherit or the amounts they receive? Are any of your beneficiaries vulnerable and could it cause them problems if they inherit directly? It is important that you update your will promptly if your wishes or the circumstances of beneficiaries change.
Is it time to update your will? To book an appointment to review your will visit www.matrixestateplanning.com