New Year, New Will?

The beginning of a New Year is always an opportunity for a fresh start. As you make resolutions and set goals for the year ahead, why not take a moment to review your will and consider whether it still reflects your current circumstances?

Rosie Woodward, Wills & Probate Legal Executive at our Belper office, explains the importance of regularly reviewing your will and how you can go about it.

Rosie Woodward, Legal Executive is based at our Belper office

How often should I review my will?

It is important to review your will regularly – we recommend doing this at least every five years or if your personal or financial circumstances change. It is important to make sure your will is up to date and accurately reflects your current position and wishes.

What changes to my personal circumstances could affect my will?

One of the main factors to consider is any change in your family life such as the arrival of a child or grandchild, a marriage, a divorce or a death in the family. These life changes may have implications about who you wish to inherit from your estate. Similarly, any substantial changes to your financial situation will also require you to review your will.

“By planning ahead you could dramatically reduce the amount of inheritance tax you have to pay, which leaves more for your loved ones to inherit.”

What should I know about inheritance tax?

Current inheritance tax rules mean that if your savings and property are worth over £325,000, it will be taxed at 40 per cent. Everyone’s financial circumstances change over time, hence why it is so important to regularly review your will. By planning ahead you could dramatically reduce the amount of inheritance tax you have to pay, which leaves more for your loved ones to inherit. If your will is not up to date when you die, this could cause complicated issues for your family and might mean that they are not protected or provided for as you wish.