LIVE 24-SEVEN
FUTURE PROOFING YOUR WILL
When it comes to ensuring the security of your loved ones, a will is the best way to document your future plan, but once it’s done, how often should you review it? Louise Igoe, a specialist in wills at law firm Lodders, explains.
“A will is a legal declaration of what you want to happen to your property and possessions on your death, “ says Louise.
“Making your will is an important task, but all too often once it’s done, it’s forgotten about, but it is vital to keep it up to date. I recommend reading your will at least every five years, to check addresses and ensure it includes everyone you want to remember. A new will isn’t necessary to deal with these types of minor changes - a change of address can be updated by writing a note and putting it with your will, and adding in or taking out a beneficiary can be done by ‘codicil’ or postscript.”
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Louise continues: “It's also important to check the executors – time moves on, so just make sure those named are still alive and well, and that you are still in touch on a regular basis. The role of executor is an important one in the estate administration process, and you must have people who are able and willing to see your wishes through.”
Louise believes there are a number of important life events which should prompt you to check your will, including:
n New baby – review your will and check specific provisions if you become parents, have more children, and grandchildren.
n Marriage – if you have a will in place and then get married, the will is revoked, and a new one is needed to ensure your new circumstances are reflected.
n Divorce – if you omit to update your will when you’re going through or complete a divorce, your former spouse will remain as a beneficiary or even executor.
Louise Igoe
Martin Green
n Property and land – are amongst the most valuable assets, so check your will when you buy your first home, move home, inherit a property, or add to a property portfolio.
n Retirement – is the right time to think about your estate and future planning.
n Care – if you or a close family member has to move to a care home, your will should be updated to ensure it remains effective.
n Legislative change – rules on inheritance tax (‘IHT’) change, and will structures that worked to mitigate IHT in the past may no longer be appropriate; good advice on the impact of any changes on you, your will and estate should help avoid problems for beneficiaries.
Martin Green, head of Lodders private client practice adds: “We are proud that Lodders private client practice has been consistently ranked as a top tier firm by the independent guide, Chambers UK for more than twenty years, and by the 2017 and 2018 editions of the Chambers High Net Worth Guide to UK law firms and solicitors dedicated to advising private clients.”
With offices in Cheltenham, Stratford upon Avon, Birmingham and Henley in Arden, the firm has 25 partners and over 130 fee earners and support staff across its network. A premier law firm with a portfolio of sector and market specific top-ranking legal teams, the firm has recorded year-on-year growth in recent years. For more information visit
www.lodders.co.uk
Lodders Solicitors Glensanda House, 1 Montpellier Parade, Cheltenham GL50 1UA Tel: 01242 228370 W:
www.lodders.co.uk
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BUS INE S S LODDERS
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