The start of a new year is traditionally a time for fresh beginnings and resolutions. It’s a moment to take stock, reflect on the past, and plan for the future. While most people focus on goals like improving health or advancing careers, one crucial aspect of planning often gets overlooked: reviewing your Will. It is recommended that you review your Will every 3 - 5 years or more frequently if your circumstances have changed. Here’s why the new year is the ideal time to revisit this essential document.
Life Changes Happen
The events of the past year may have brought significant changes to your life. Perhaps you’ve welcomed a new family member, such as a child or grandchild, or experienced a marriage, separation, or divorce. Maybe you’ve lost a loved one who was named in your Will. Life’s milestones can have a profound impact on your estate planning, and your Will needs to reflect these changes.
Financial Updates
The start of the year is also a time to review your financial position. Have you acquired or sold any assets, such as property or investments, in the past year? Has your financial situation improved, allowing you to leave more to your loved ones or favourite charities? Perhaps your Estate Planning has been affected by the Autumn Budget. Reviewing your Will ensures your wishes align with your current financial circumstances.
Changing Legislation
Laws surrounding Wills, taxation, and inheritance can change over time. The new year is an excellent opportunity to check whether any legal updates might affect your estate plan. For example, changes to Inheritance Tax thresholds or Residence Nil Rate Band rules could impact the way your estate is distributed. A professional review ensures your Will remains compliant and tax-efficient.
Peace of Mind for the Year Ahead
There’s something deeply satisfying about ticking a vital task off your to-do list. Knowing your Will is up to date and reflects your current wishes can provide peace of mind, freeing you to focus on other resolutions with confidence.
What Should You Check when Reviewing your Will?
When reviewing your Will, consider the following questions:
Are the executors and trustees you’ve appointed still the right people for the role?
Do your named beneficiaries reflect your current intentions?
Are any of your assets no longer owned, or have you acquired new assets that need to be included?
Have there been changes in family circumstances, such as births, deaths, marriages, or separations?
Does your Will account for any new legal or financial developments?
How Toucan Law Can Help
At Toucan Law, we specialise in Will Writing and Estate Planning, offering expert advice tailored to your circumstances. Based in Weston-super-Mare, we’re proud to serve the local community while also offering online, telephone, and home appointments for your convenience. Our team provides a professional and friendly service, ensuring your Will is legally sound and up to date.
Don’t Delay—Review your Will Today
The new year is a reminder that time moves quickly, and life’s unexpected events can catch us off guard. Take this opportunity to review your Will and safeguard your legacy. Whether you need a simple update or a complete rewrite, Toucan Law is here to guide you every step of the way.
Contact us today to arrange a review of your Will and start the new year with the confidence that your estate plan is in good hands.
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