When was the last time you reviewed your Will?
Spring Clean your Estate!
Spring is the time of year for a fresh start and getting organized, which makes for a great time to dust off and pull out your estate planning documents.
Similar to maintaining your car, your estate plan needs maintenance every few years for maximum performance. As life events happen and laws change it is important to have your documents reviewed every 3 to 5 years, or sooner if you experience a significant life event.
Changes that your Estate Plan may face:-
Changes in the Law
New legislation and new court cases can change the law. If your current estate plan doesn’t reflect current law, it may fail.
On October 1st 2014, the intestacy laws changed and saw the beginning of a new law that will affect anyone who hasn’t yet made a Will. Called the Inheritance and Trustees Powers Act 2014
Couples who are neither married, nor in a civil partnership, have no claims under the intestacy rules. A surviving partner has no default entitlement to any of their deceased partner’s assets. All the assets go to the children, if there are any; if there are no children, then the assets are divided among the deceased’s blood relatives.
This can lead to extreme complications if some of the assets are shared – for instance, if the cohabiting partners had bought a property together.
This change once again underlines the importance of reviewing your Will, to ensure that your wishes above all are taken into account upon your death.
Changes in Your Personal Situation
You, like everyone else, will experience changes in your family, finances, asset ownership, health, goals, and personal views throughout your lifetime.
If your Will names specific gifts to go to specific people, review the list of gifts… review the list of people. Your Nephew who seemed so interested in music may live in a tiny house with his family of 5 and no longer be interested in having a grand piano while your Niece longs for one for her talented son. Other changes in your personal situation would include marriage, divorce, new children, new business, finances, financial goals, family goals, and domicile.
For help in reviewing your Estate planning documents, please contact us on 01925 859623 / email firstname.lastname@example.org