The start of a new year often sees people set new health, fitness, work and lifestyle goals.
2020, and the start of a new decade, is a great time to ensure your personal affairs are in order, including making a new Will or reviewing an existing one that you may have made some time ago.
Solicitor Jessica Rowbotham highlights 10 reasons why you should ensure you have a Will which is up to date, and why now is a good time to review your important legal documents with the Private Client team at Wake Smith Solicitors.
Why have an up to date Will?
1) It ensures your assets go to those you wish and intend them to go to.
2) It allows your wishes and intentions to be known by your family and loved ones.
3) It makes sure those who you do not want to benefit from your estate don’t.
4) It offers less stress for your family and loved ones after your death.
5) It gives you the opportunity to make provisions for the care of any minor children on your death.
6) It ensures your partner is provided for, especially if you are not married.
7) It is a good place to make your funeral wishes known.
8) It allows you to make provision for the care of your pets.
9) It ensures your assets do not go to the state, if you have no family.
10) It ensures treasured possessions and family heirlooms pass to who you wish them to.
Jessica added: “If you made your Will a while ago, your circumstances may have changed. Your financial situation may have changed or you may have married, separated, divorced or had a child. It may be that a named beneficiary in your Will has died or the birth of another potential beneficiary may have occurred. These changes can make parts of your Will invalid or unfair and open to a claim under the Inheritance Act.
“You should, therefore, review your Will regularly to reflect any major life changes. We would suggest every three to five years.
“Having a qualified solicitor draft your Will can save a lot of stress for those you leave behind, as well as giving you peace of mind. The law surrounding inheritance, including Inheritance Tax and trusts, is complicated. We are familiar with the law and can help you make the most effective choices.”
For more information on Wills and to book an appointment contact Jessica at [email protected] or on 0114 224 2160.
