Did you know you should review your will regularly? Even those of us who have a will in place might not realise that this is a vital step to keep wishes up to date. This is what every London law firm wants you to know.
Life changes
Everyone experiences changes in their life, including marriage and divorce, deaths of loved ones, births and adoptions. These can impact your will and your beneficiaries.
Changes to the Law
Laws can change over the years, so your will must be compliant with existing legal requirements. A London law firm such as https://www.forsters.co.uk/ can help you with this, and ensure your will is compliant and in line with all current legislation.
L2 Tax efficiency
In the same way that inheritance and estate laws change, taxation changes too! If you review your will regularly, you can look for ways to make the most of estate planning allowances to minimise your tax liabilities.
Dispute avoidance
When your will is well-maintained, you can make sure there are very few chances for later disputes. A will will help to clarify your intentions and give you time and opportunities to discuss your wishes beforehand, if you wish.
Peace of mind
Estate planning and inheritance topics are significant, and many people have strong views about where they want their estate to go after their death. A will ensure that your assets will go exactly where you intend them to go. It will avoid stressful and expensive challenges between beneficiaries and any challengers later down the line.
How often should you review your will?
A good rule of thumb is to review your will whenever there is a major life change, such as a birth or death within the family, or every five years, to check that it still reflects your wishes. If you find that you do wish to make adjustments, a London law firm can help you with this. It doesn’t always require a full update to your will, as a codicil will sometimes be enough to register a formal update or adjustment.