Jannina Barker, Probate Executive in Jackson Lees’ Wills and Probate team, is here to help you know where you stand when it comes to updating your Will.

Making a Will is something that we often put off, but once you’ve completed your Will you can relax and know that your last wishes are recorded. What if, however, your circumstances change? A Will is something that should be kept under review and updated when necessary.

People update their Wills for all sorts of reasons; sometimes a change to your Will could be needed even when it’s the furthest thing from your mind! Below are some common life events that could give you ample reason to update your Will.

A Birth

A new addition to the family is a joyous time and reminds us that life is full of possibilities. While we might not ordinarily consider our Will at this time, it is the ideal time to review your Will, especially if this is your child. It’s important to leave instructions regarding who you would like to become your children’s guardian. Depending on how the Will is drafted, you may need to review your Will to ensure that everyone is noted or included in the terminology used.

A Marriage/Civil Partnership

A Will may not be the first thing you consider if you’ve just married/formed a civil partnership. However, marriages and civil partnerships happen at various stages in our life, and what if this is not your first? As soon as you marry/form a civil partnership, any previous Wills are automatically revoked (unless made in anticipation of the event). This means that, if you don’t prepare fresh Wills, your estate could be subject to the Intestacy Rules when you pass away.

Blended families are becoming more common and, without a carefully drafted Will that considers both sides of the family, you could run the risk of your children from a previous relationship not benefitting from your estate as this could be redirected to your new spouse’s family.

You should also consider reviewing your Will if you are divorcing. There are provisions in place which would deal with any mention of your ex-spouse in your Will, but the terms may need to be reviewed.

A Death

Life can be unpredictable. What if you have lost someone who was due to benefit from your Will? Do you know what happens to their share of your estate? People often assume that this will pass over to that person’s partner or their children, but this depends on the terms of the Will.

An unexpected windfall

Both happy and sad times can result in changes to your circumstances and the need to update your Will when considering our normal family lives.

You should also consider the size of your estate and whether this has changed over time.

Most of us dream of winning the lottery one day, and wouldn’t that make everything so much easier? While it may do in some ways, what if the windfall takes you over the Inheritance Tax thresholds and suddenly you are facing the complexities of Inheritance Tax? Anything in your estate above these thresholds is potentially taxed at 40%. Would you be happy for your newly increased estate to pay a large amount of money in Inheritance Tax? This is one of the only taxes that you can plan for and mitigate. By reviewing your Will, you could save potentially thousands of pounds in Inheritance Tax.

We would always recommend that you review the terms of your Will periodically to ensure that this still adheres to your wishes and that you don’t require any additional advice in relation to changes in circumstances or the law.

If you would like to talk to one of our empathetic specialist advisers, you can call us free on 0808 302 3464 (also free to call from mobiles) or email enquiry@jacksonlees.co.uk. Alternatively, visit our website www.jacksonlees.co.uk

Wirral Globe: Taking professional advice on the division of your assets after your death can be beneficialTaking professional advice on the division of your assets after your death can be beneficial (Image: Jackson Lees)

A Flexible Service

At Jackson Lees we understand that one of the most important things that we can do is plan our own futures to ensure that we protect the futures of those we love after we are gone. We will provide you with expert, professional and sensitive legal advice, helping you deal with a wide range of matters including; writing your Will, dealing with Probate, Inheritance Tax Planning, setting up Trusts and their administration, and making a Lasting Power of Attorney.

What Jackson Lees can do for you…

We offer free half-hour appointments for anyone who wishes to find out more about our services.

Three local offices to choose from:

Hoylake 0151 909 3204

Heswall 0151 909 3201

Liverpool 0151 909 3147

  • We also offer assistance if you are in a dispute regarding inheritance
  • We offer free safe storage of any Will
  • We can register your Will on Certainty’s national Wills database

Let Jackson Lees make things a little easier for you and your family.  Contact our Wills, Trusts & Probate team to book an appointment or to chat through your requirements.  Call us free from either a mobile or landline on 0808 302 3464.