Why your New Year resolutions should include a review of your Will
Christmas is over, so what was your New Year resolution? Check your waistline and decide to eat less, drink less and exercise more? Are you even considering becoming a new Veganuary follower? Lots of promises made, most broken by the second week of January?
Have you resolved to make or review your Will? Well you should. We always recommend that you review your Will at least every 5 years and more importantly when there are major changes, good or bad, in your life.
If you are getting married this year, then you should seriously consider making a Will beforehand. This is especially important if this is to be a second marriage or you have children for other relationships. A pre-nuptial agreement in these circumstances should also be considered.
Going through a separation or divorce is another reason to make a Will and we advise that you do not wait until the divorce is finalised before considering this.
Is a first or new child on the way? Will your partner be protected without a Will? The Intestacy Rules which govern the situation when you have not made a Will, may leave your nearest and dearest excluded from being a beneficiary. Further, appointing guardians in your Will for your children could be the most important decision you make for their future. When making a Will at Wheelers we also discuss your finances and how one of you could financially manage as a single parent.
Are you to become grandparents this year? Are your grandchildren included as beneficiaries? If your Will requires grandchildren to attain a set age before benefiting, you should review your Will. In 2017 the Government changed the law making these “grandchildren trusts” potentially highly disadvantageous for Inheritance Tax.
Are you busy running your business but never considered what would happen if you died before retirement? When reviewing your Will we can discuss with you the practicalities of death in relation to your business and how you can make decisions now to minimise potential problems for your family, work partners and staff.
Are you heading towards retirement this year? Reviewing your finances should go hand in hand with a Will review and is also the perfect time to consider Inheritance Tax planning. We work closely with accountants and pension/financial advisers to ensure you make the right decisions for the next stage of your life.
Finally, are you worried about Inheritance Tax? Inheritance Tax has become less of a concern since April 2017, with many families needing estates worth more than £850,000 before Inheritance Tax is payable. However, the Government’s motto “tax does not have to be taxing” was ignored when the 2017 changes came into effect. Understanding your likely Inheritance Tax bill can be complex, depending on your family circumstances and, more importantly, what is in your Will. Reviewing your Will following these Inheritance Tax changes could prevent your family from a significant Inheritance Tax bill.
To review or make a new Will please contact Karin Cox-Putker. Wheelers offer a free Will review.