Almost as dangerous as not making a will is doing nothing when circumstances change. It’s easy to do nothing and before you know it time has passed and changing your will has gone from your thoughts.
Your family cannot correct mistakes and forgotten beneficiaries once you have died without affecting their financial position. Birth, marriage, divorce or death, inheritance, financial loss, selling a business, retirement or changing health issues are all reasons you need to revisit your will and amend it.
If you do nothing your grandchildren, your children or your new spouse may miss out on their inheritance.
No action may cause you to pay unnecessary inheritance tax or care charges that will reduce the amount available for your family to inherit.
It could cause family members to lose their state benefits which they need to live on. Your family will not thank you for forgetting to protect them or your hard earned savings.
To prevent arguments, upset and future problems make sure you review your will regularly, and, particularly when your circumstances change or you have a life changing event. Also, remember to review your will when one of your beneficiaries has a life changing event because they may need some changes made to how they inherit from your estate.
Don’t leave your will in the cupboard, review it at least every five years. Review when your circumstances and those of your beneficiaries change. If you are not sure about how things could affect your will take advantage of our free fifteen minute will check call to discover the impact of change.
