Richard Smith

Partner & Solicitor

DATE PUBLISHED: 27 Jun 2022 LAST UPDATED: 14 Aug 2022

Peace of mind – The importance of reviewing your Will regularly

We all know having a Will in place is vitally important, but of equal importance is regularly reviewing. It may be you need to change things, or you may not, but regularly reviewing will ensure you are kept up to date with any changes in the law and that it still suits your personal circumstances.

Furthermore as house prices soar, accordingly Inheritance Tax (IHT) receipts are at record levels and with a freeze on threshold until at least 2026 and with current levels of inflation this is surely set to increase. This makes it all the more important to review not only your Will, but your estate planning too.

When to review:

  1. At least once a year. Just have a quick check that all is in order and it meets your needs and wishes.
  2. Relationships – have you got married or divorced?
  3. Assets – have they gone up and now put your estate potentially liable to IHT?
  4. Circumstances – your executors – are your executors still capable or living near by?
  5. Family – have there been any new children or grandchildren?
  6. Retirement – have your needs changed following retirement?
  7. Law – has the law changed which affects how you wish to leave your assets?
  8. Tax – Is your Will as tax efficient as it could be?

All of the above should cause you to consider reviewing and potentially changing your Will.

While it may seem daunting, it need not be, provided expert advice is taken at the earliest possible opportunity and keeping your Will and estate planning regularly reviewed.

Contact our Wills, Trusts and Probate team for all related enquiries today on 01202 525333 or email richard.smith@ellisjones.co.uk. You can also contact our Wills, Trusts and Probate team by emailing willenquiries@ellisjones.co.uk.

 

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