While many people are aware of the importance of making a Will, many fail to ensure their Will is up to date. If you do not review your Will and make any necessary changes, this can have serious consequences. For example, your final wishes may not be carried out as a result.
The Wills and Estates Solicitors at Claphams can provide clear, reliable advice on updating an existing Will, as well as writing a new Will if necessary, ensuring that everything is properly drafted, signed and witnessed.
Circumstances when you should update your Will
It is best to review your Will regularly to make sure that it is relevant and up to date, but it is particularly important to make changes if there have been significant changes in your circumstances. This includes events such as:
Family additions
If you have a new child or grandchild, you might wish to make provisions for them in your Will. This could mean setting aside money or property for them or putting plans in place to make sure they are well cared for after you die. This will be particularly important if you have young children or vulnerable family members.
Property changes
If you have moved house or bought an additional property, you should make appropriate changes to your Will. Your new home may more valuable, and it is crucial to remember that this may have implications when it comes to any Inheritance Tax (IHT) that your estate may be liable to pay. If you own several properties, you may also be able to reduce your liability for IHT by leaving properties to different beneficiaries in your Will.
Changes to your marital status
If you get married, divorced, remarried or register a civil partnership, you should make changes to your Will. If you fail to do this, your existing Will remains valid. It is worth noting that as of 1 November 2016, getting divorced or ending a civil partnership will affect your Will in Scotland. If you have left a gift to your spouse or civil partner, it will not take effect if you have divorced or dissolved your civil partnership. However, you may wish to consider whom you want to inherit in place of your ex-spouse or civil partner.
Death of a Beneficiary
If someone you have named as a Beneficiary in your Will dies, you should make changes to ensure that the money or property you intended to pass to them will be left to someone else of your choosing.
Executor circumstances
If one of the people you have identified as an Executor is now unsuitable or is unable to carry out their role, it is essential that you appoint someone else in their place.
Wills & Estates Solicitors Clarkston, Newton Mearns, Giffnock, Netherlee, Eaglesham, Carmunnock, Stewarton & Southside Glasgow
For comprehensive advice on updating your Will, call us today on 0141 620 0800 or fill out our online enquiry form.
While many people are aware of the importance of making a Will, many fail to ensure their Will is up to date. If you do not review your Will and make any necessary changes, this can have serious consequences. For example, your final wishes may not be carried out as a result.
The Wills and Estates Solicitors at Claphams can provide clear, reliable advice on updating an existing Will, as well as writing a new Will if necessary, ensuring that everything is properly drafted, signed and witnessed.
Circumstances when you should update your Will
It is best to review your Will regularly to make sure that it is relevant and up to date, but it is particularly important to make changes if there have been significant changes in your circumstances. This includes events such as:
Family additions
If you have a new child or grandchild, you might wish to make provisions for them in your Will. This could mean setting aside money or property for them or putting plans in place to make sure they are well cared for after you die. This will be particularly important if you have young children or vulnerable family members.
Property changes
If you have moved house or bought an additional property, you should make appropriate changes to your Will. Your new home may more valuable, and it is crucial to remember that this may have implications when it comes to any Inheritance Tax (IHT) that your estate may be liable to pay. If you own several properties, you may also be able to reduce your liability for IHT by leaving properties to different beneficiaries in your Will.
Changes to your marital status
If you get married, divorced, remarried or register a civil partnership, you should make changes to your Will. If you fail to do this, your existing Will remains valid. It is worth noting that as of 1 November 2016, getting divorced or ending a civil partnership will affect your Will in Scotland. If you have left a gift to your spouse or civil partner, it will not take effect if you have divorced or dissolved your civil partnership. However, you may wish to consider whom you want to inherit in place of your ex-spouse or civil partner.
Death of a Beneficiary
If someone you have named as a Beneficiary in your Will dies, you should make changes to ensure that the money or property you intended to pass to them will be left to someone else of your choosing.
Executor circumstances
If one of the people you have identified as an Executor is now unsuitable or is unable to carry out their role, it is essential that you appoint someone else in their place.
Wills & Estates Solicitors Clarkston, Newton Mearns, Giffnock, Netherlee, Eaglesham, Carmunnock, Stewarton & Southside Glasgow
For comprehensive advice on updating your Will, call us today on 0141 620 0800 or fill out our online enquiry form.
