Leaving your job: What am I entitled to from my employer?
Your Will is an essential part of the estate planning process as it highlights what you want to happen once you’ve passed away.
It shows what you want to leave your beneficiaries, how certain tasks are handled and any legal issues that need addressing.
It is very important to keep your Will updated. This may reflect changes in your life, new assets or gifts you want to include or changes to Government legislation that could impact the value of your estate.
What factors should I consider if I need to update my Will?
Marriages, births and deaths within your family will certainly impact your Will. It will need updating if you would like to include or remove beneficiaries. This is important as you want to ensure everyone you want to leave something to is included.
In addition to this, if your circumstances change in which you can no longer make decisions for yourself, updating your Will to include a Lasting Power of Attorney (LPA) means you wishes must be followed.
You can create an LPA to include in your Will and appoint attorneys who must by law, follow the instructions left in your Will.
Another factor that could play a part in updating your Will are new assets and gifts. There may be items unaccounted for that would like to bequeath to a beneficiary so to ensure that asset isn’t forgotten, double check to ensure it is included.
Should I update my Will when legislation changes are announced?
Regardless of legislation changes being announced, you should always update your Will, so it fulfils your wishes.
However, it is wise to update your Will if the Government announce changes that could impact your estate. Notably, changes to Inheritance Tax are on the horizon which could mean a hefty bill coming your way.
With unused pensions set to be included as part of your estate from April 2027, this will increase the value of your estate, potentially pushing you over the £325,000 Inheritance Tax threshold.
Should your estate eclipse the £325,000 threshold, your estate becomes liable to pay Inheritance Tax. There are measures you can take to protect your estate including updating your Will.
What are the steps to updating my Will?
If you are planning to create or update your Will, you should speak and work with legal experts who can ensure your Will reflects the updates you want to make, and it is clear for your beneficiaries.
A solicitor can help you update your Will to ensure it fulfils your wishes and will be followed by law. They can answer any questions you may have and advise on what you should include in your Will if it is not there already.
You should be monitoring any legislation updates and should that prompt any concerns, it would be wise to analyse your Will and update accordingly to protect your estate.
If you’re ready to update your Will, get in touch with our team today
Related posts
