As we step into 2025, it’s the perfect time to review your Will and ensure it still reflects your wishes. Life can move quickly and small oversights can lead to issues in the future if they are not corrected or included in your Will. But don’t panic! We’re here to guide you through the essentials and help support you in caring for your loved ones in the future.
1. Life Changes and That’s Ok!
The past year may have brought significant changes to your personal life. Did you welcome a new family member, such as a child or grandchild? Did you experience a marriage, divorce, or the passing of a loved one? Life events like these could have an impact on the provisions in your Will. For example, under UK law if you fail to update your Will after marriage, it could result in your previous Will becoming invalid. By reviewing your Will now, you can make sure it accurately reflects your current family circumstances and intentions.
2. The Law Can Change
The legal structure which regulates Wills and estate planning could have changed since the last time you reviewed your Will, especially if you haven’t reviewed your Will in some time. For instance, there may have been updates to inheritance tax (IHT) laws or new regulations that could impact how your estate is distributed. A review with our diligent legal team ensures your Will is legally up-to-date and tax-efficient.
3. Shifts to your Financial Circumstances
As time goes on, your financial position may change significantly. You might have acquired new property, investments, or other assets, or perhaps sold a major asset that was previously accounted for in your Will. Reviewing your Will allows you to adjust and ensures the correct distribution of your estate and any assets that you have acquired or lost along the way. Additionally, it helps to confirm that any specific gifts or legacies are still appropriate and achievable within the current value of your estate.
5. Avoiding Unintended Consequences
Unfortunately, an outdated will can lead to unintended consequences. For instance, failing to update beneficiary details or reflect changes in your choice of executor might cause disputes and delays during the probate process. By taking the time to review your Will, you reduce the risk of confusion or conflict for your loved ones during this difficult time.
Get Expert Guidance
At Hatten Wyatt, we understand that reviewing your will can feel like a daunting task. However, our experienced team of friendly solicitors are here to make the process simple and stress-free. We’re happy to assist you with a quick review to address a specific change or draft a new Will to reflect your new circumstances. Whichever you require we’ll ensure your Will is robust, legally fit, and above all, tailored to your wishes.
Take control of your estate planning this January and start the year with confidence. Contact Alexandra Arthur today to schedule a Will review, and give yourself the peace of mind that comes from knowing your affairs are in order. Because when it comes to protecting your family and legacy, there’s no better time than now.
To book an appointment, please contact our friendly legal team today on 01474 351199 or email advice@hatten-wyatt.com.