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Don’t let writing your will be a failed resolution

 

Article date:  20/12/2013

It might come as no surprise that after the Christmas festivities loosing weight is the number one resolution on most peoples list. It may also come as no surprise that only 14% of over 50's manage to complete their resolution. A leading Midlands law firm is urging festive revellers to make some practical new years resolutions which will stand a chance of being fulfilled.

Ian Bond, a partner at Higgs & Sons, says personal circumstances can change dramatically over the course of a year, and that the New Year is a perfect time to review your personal circumstances and put in plans for the year ahead.

He said: "The start of a new year is a time to look back at what has gone and look ahead to the coming year, making it the perfect time to review your financial planning - especially your will and wealth planning."

Higgs' private client team has put together five key points to consider when assessing whether your existing will is still suitable, still relevant and still truly reflects your wishes.

1. Have there been any changes to your marital status? Marriage or civil partnership automatically revokes your will unless it is made with that event in mind. On separation or divorce a spouse will benefit under your existing will until the final order is granted.

2. Have there been any changes to your family? New children or grandchildren may not be included in your existing will. Have you provided for minors financially and appointed guardians or considered whether wealth will stay within the family if adult children enter new relationships?

3. Do you wish to change the executors? Are the executors you named still willing and able to take on the role and do you still want them? You may wish to appoint new executors. 

4. Are the beneficiaries the same? You may wish to include new beneficiaries, exclude existing ones or change specific gifts to people or organisations. Are any specific assets mentioned in your existing will no longer owned by you? Do you wish to change the way in which your estate is distributed?

5. Do you own a property or assets that you want to preserve the value of for your family? Planning opportunities exist through your will, which you may not have previously considered. This may be to provide for long-term care or to pass assets tax efficiently to the next generation.

Ian said "If any of these points apply, you should consider contacting us to review your will.

"We are committed to properly supporting our clients to consider their own plans for the future. We offer a comprehensive will review service to ensure that our clients have the appropriate will in place.

"Make reviewing your will the one New Year's resolution that you keep for 2014."

To find out how Ian can assist with reviewing your will call 01384 327219 or email ian.bond@higgsandsons.co.uk

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