Five reasons to update your will
Circumstances and times change – and so should your will. Let’s look at five reasons why now might be the perfect time to ensure this legally-binding document truly reflects your wishes.
Family dynamics
Family dynamics can change as a result of births, marriages, deaths, and divorces, so it is important to ensure that your will reflects the current state of play. Changing your will with the help of a London law firm, for example, will make sure that your loved ones are properly looked after in the way you want them to be.
Financial changes
You may have changed investments, sold property, or bought new assets and your will should reflect this. Companies such as Forsters can ensure that your current financial situation is accurately represented and that assets can be distributed properly.
Tax and legal implications
Regulations and laws relating to estate planning and inheritance tax do change and you need to be aware of the most up-to-date rules and make sure that your will is updated to respond to any changes that occur. This can ensure legal compliance and maximise tax efficiency.
Personal preference
Your priorities and personal choices can alter over time and any changes can be reflected by updating your will. This might be adding someone new as a benefactor or changing who will receive what after your death. You may want to change the executor of your will or add in a charity and this can all be done by updating your will.
Avoiding disputes
An up-to-date will can help to prevent disputes after your death, which can be distressing for all concerned. An outdated will may lead to family disputes and confusion that can even lead to relationship breakdowns. An up-to-date and clear will can help to ensure that your estate is dealt with according to your wishes and in a way that is as smooth and as seamless as possible. This can help to prevent unnecessary stress and upset at what is often already a very difficult time.
