Changes or events in your life that can impact your Will and Estate Planning
The following article is in the Caversham Bridge newspaper – June 2022. Caversham Bridge Newspaper is available to purchase from Fourbears Bookshop and other outlets within Caversham. More details from The Caversham Bridge Website.
It is pretty clear now that we all should have a Will and planning in place, but did you know that changes in your life could mean your Will needs updating or even a rethink of your overall estate planning?
You should ensure that you and your loved ones are still fully protected. Here are a few scenarios of change that should prompt you to check that all is still in order:
Marriage / civil partnership
You have pledged to that special person so make sure that your Will clearly states how you both want things to go should one of you die. You should also be aware that marriage also voids an existing Will.
Spouse passed away?
An awful time in your life, but when you are ready, you should ensure that any changes that need to be made to your Will or your estate planning are completed.
A new partner that you are not married to or have a civil partnership with.
Did you know that unless you specifically name that special person in your Will they will not automatically be a beneficiary to your estate?
A child has come into your life
The most wonderful thing to happen comes with big worries, not least “who will look after.. if something happens to us?” Through your Will you can name trusted Guardians for your child.
Children reached adult hood?
Are your beneficiaries ready for the responsibility of their inheritance, will they be able to cope? Through specific planning and Trusts, they can be protected.
Bought a new property?
Your home is your castle, you will want to ensure that it is protected, either for you or your beneficiaries.
If you are worried about your or a loved one’s health or mental faculty, you should ensure that a trusted person can act on your behalf for both health and financial matters and decisions. Through Lasting Power of Attorney documents this can happen. Without them it can be extremely difficult, time consuming and costly to act in the way you would want.
Not sure about previously appointed people?
Have you previously named or appointed someone in your planning; an executor, attorney or beneficiary? – they may have moved, died or you could have just changed your mind. You should update your Will to reflect this.
If any of these or other scenarios have got you thinking, then a competent estate planner will be able to put your mind at rest. We are happy to discuss options or answer any immediate questions in a free, no-obligation consultation and Will evaluation service.
David Robinson is Director of Templar Estate Planning a specialist Will writing and Estate Planning provider based in the heart of Caversham within Church House. 0118 948 4381 www.templarestateplanning.co.uk
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