Reviewing your will
We often hear about the importance of making a Will and many people have a Will in place. What we sometimes don’t realise, is how important it is to regularly review your Will. Years ago, people made a Will late in life and the average Will simply left perhaps a house and some savings to next of kin. These days, things are more complicated. People acquire assets in younger life; our busy lives involve property, pensions, savings, marriage and divorce, and so a Will becomes more about managing your estate than simply who you want to leave your house and money to. And most importantly, once you have children, you will need to decide who will be their guardian/s if you should die before they reach the age of 18. As your children grow and as you gain or release assets, as your personal life changes with marriage or divorce, it is essential that you review your Will to make sure that it continues to be in line with your wishes.
I made a Will just five years ago; why do I need to review it?
It is recommended to review your Will every five years or so, even if there have been no major changes in your personal circumstances. However, if you get married or enter into a registered civil partnership, get divorced, have a child, buy or sell property, take out life insurance or if you hear about changes in taxation, it is important to contact your solicitor to discuss making appropriate changes to your Will. If you own a business or are a partner in a business, it is vital to review your Will as a part of your overall estate planning and as any business owner knows, the dynamics of a business or partnership can change over time.
I’ve been with my partner for 6 years and we both have Wills; we’re getting married later this year – do we need to do our Wills again?
If you marry or enter a registered civil partnership, your Will is automatically cancelled. To avoid your Will becoming invalid, it is important to make a new Will. New Wills can be put into place before the wedding in anticipation of your new circumstances. Remember to review your Wills regularly after you’re married, especially if you have children.
How do I make sure that my children from my first marriage will inherit half of the value of the house I own with my second husband?
When it comes to making decisions about how you want to leave your estate, there are a number of options. A trust contained within your Will may be a good way of securing your husband’s right to stay living in your home during his lifetime, but thereafter guaranteeing your share of the house passes to your children. It is essential that your Will is tailored and appropriate to your particular circumstances and you should ensure that you take specialist advice to fit your specific situation – and this should ideally include advice on inheritance tax. You should regularly review your estate’s liability to inheritance tax and take into consideration possible ways to reduce the amount of inheritance tax payable. It is also worth remembering that certain assets such as jointly-owned property and accounts, life policies and death benefits may not necessarily pass to beneficiaries under the terms of your Will – it is important to take advice to ensure that these assets are passed on in the way you wish when you die.
How do I choose executors and guardians?
An executor is a person named in a Will who sorts out the estate of the person who has died. A guardian is someone who you have named in your Will as the person you would like to be responsible for your children if they are orphaned before the age of 18. The main criteria for choosing an executor or a guardian is that you trust them. It is often difficult – and distressing – to consider arrangements surrounding your death and what your wishes might be, but it is a good idea to think about who you would want to look after your children and how you would want your assets and finances distributed and used. Over time, you may need to reconsider and replace your named executors and/or guardians as their circumstances change and, in the case of guardians, as your children grow older. For example, when your children are small, you may have named their grandparents as guardians in the event of your death. If you have more children, or when your children are in their teens, your parents may be too elderly to take on their guardianship.
Won’t it be expensive to review or change my Will?
If you stay in touch with your solicitor and regularly review your Will, changes can generally be made quite easily with a phone call and, depending on circumstances, needn’t be too costly. Minor amendments to your wishes can be drawn up as a codicil which is a straightforward document that needs to be signed and witnessed in the same way as a Will, but it avoids the need to completely re-write an already written Will. It can be potentially expensive for your family and beneficiaries if your Will is not up to date when you die, so for peace of mind it’s best to maintain your Will and keep it current.
Lindsey Ottywill is a Senior Associate Solicitor in the private client team at Barker Gotelee, Ipswich Solicitors.
Suffolk Private Client Solicitors – for more information on our range of legal services, please call the team on 01473 611211 or email [email protected]
