Now Is The Ideal Time
To Review Your Will
Christmas and New Year celebrations seem but a distant memory and a new decade is now in full swing
If your new year’s resolutions have already gone out of the window, or you simply couldn’t decide on any to make this year, 2020 could be the ideal time to review your Will and get your estate in order explains solicitor Ashley Marshall, the latest addition to the wills and probate team at Farleys.
Whether you are 29 or 89, when was the last time you reviewed your Will?
Or perhaps you don’t yet have one? It’s understandable that sometimes writing and updating a Will can be the last thing on your mind, but now is the time to change that.
Think about what has happened in the last year, five or 10 years. Have you moved in with a partner? Got married? Had children? Purchased property?
Received an expensive item such as jewellery or artwork? All of these things may affect what is written in your Will or make a previous one invalid. Your original beneficiaries or executors may even have passed away or lost touch with you.
What should a Will include?
A Will should be fully tailored to you so there is no definitive answer to that question. However, we advise clients to consider the following:
Your assets – These include any property you own such as your home as well as its contents, vehicles, bank or building society savings, premium bonds, investments, life insurance, pension funds and items of significant monetary or sentimental value such as jewellery or antiques.
Your debts – Where possible, it is also useful to store a list of any debts you have such as a mortgage, other loans or credit cards. This information will be useful for those distributing your estate to beneficiaries.
Details of beneficiaries – You should include information about the people (or charities) you want to pass your assets to, as well as provisions for if any of those beneficiaries should pass away before you.
Details of your executor – You should consider who you make the executor(s) of your Will very carefully. They are the people who will deal with all administrative matters following your passing. This role can therefore include a lot of work and responsibility.
Instructions for your funeral – Whether you have any particular wishes for your funeral or a plan to pay for it.
Name guardian(s) for your minor children – Include details of where they should live and who would have responsibility for them.
While all of this may look complicated, provided you seek expert legal advice, the process can often be completed quickly and hassle-free, allowing you to enjoy your time knowing that your wishes have been laid out and your family provided for in the event of your passing.
To speak to a specialist in Wills, Trusts and Probate, get in touch with Farleys Solicitors on 01254 368040, email: firstname.lastname@example.org, or visit our website: www.farleys.com