A Will is a legal document confirming how you wish your assets (your estate) to be dealt with following death.
Every adult who owns assets should make a Will rather than rely on the Intestacy Rules (statutory provisions) where there is no Will.
What is worse than not making a Will? Leaving an out of date or incorrectly drawn up Will.
Even if you have already made a Will, this ought to be reviewed periodically and in particular if you or your family’s circumstances have changed and following new legislation.
Have you married since making your Will? Marriage automatically revokes a Will made prior to the marriage unless it has been made in contemplation of, but not conditional upon, the marriage taking place.
Have you separated or divorced since your Will was made? A review would be advisable.
Have you had children since you made your last Will? Or perhaps you have subsequently become involved in a business which should be catered for separately in your Will.
Do you need to consider the joint ownership of any freehold or leasehold properties? Do you own as joint tenants or tenants in common and what is the difference?
Would a review of your Will ensure your property could be safeguarded against possible future nursing home fees of a surviving spouse?
Furthermore, there are Inheritance Tax considerations insofar as there is a new Residence Nil Rate Band that may be applicable to your estate and might require a review of the terms of your existing Will to fully utilise this new exemption.
If you require advice in relation to making a Will or reviewing the terms of your Will, contact a member of Adams Harrison’s Private Client Department for expert and professional advice.
Head of Private Client Department