Changes or events in your life that will impact your Will and Estate Planning

“Change is good” is a phrase used by many people, but it can also be something that can cause great doubt and concern.

We understand that, and are here to help you with any changes or events in your life that could impact your estate planning.

A change in your life could mean your Will needs updating or even a rethink of your overall estate planning.

Change can also be that stimulus for you to finally get a Will that you keep putting off!

Either way we are here to help you:

• If you have a Will on its own or a Will with further Estate Planning in place, we offer a free Will review and evaluation service to see if it meets your current requirements
• If you haven’t got a Will, again we offer a free, no pressure consultation so that you can understand how we can help you.  You really have nothing to lose.  Contact us today!

What changes in my life should make me check if my planning is correct?

Here are a few scenarios that should prompt you to check that your current plans will meet your needs and objectives:

Marriage / civil partnership

Time to get serious here! 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?

This is an awful time of 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. For example, if you spouse was your main beneficiary, who will become that now? Or if your spouse was named as your trustee or your attorney in your Lasting Power of Attorney, you should take the necessary steps to name another trusted person or persons.

A new partner that you are not legally married to or have a civil partnership with.

Congratulations!  But did you know that unless you specifically name that special person in your Will they will not automatically be a beneficiary to your estate? Instead rules of intestacy will apply and determine how your assets are distributed.  Contact us today and we can ensure that your wishes will be carried out.

Divorce

Although legally once divorced your Will will discount your ex-spouse, it is advisable to revisit your planning to ensure everything is in order, particularly if you have set up Trusts in the past. 

A child has come into your life

The most wonderful thing to happen comes with big worries, not least “what will happen if we are not here…?”  We can help put your mind at rest, for example by recording in your Will who you would want to be the Guardians of your child if the worst should happen.  Without this, it could come down to the Courts deciding who will look after him or her. This could mean that it will not be who you want it to be.

Children reached adult hood?

Lovely little Tommy is all grown up now, but is he ready for the responsibility of his inheritance?!  You may have specific worries about how able your intended beneficiary is to cope after you have gone.   We can help you with this in a number of ways; for example, by setting up trusts that distribute your estate under certain and specific conditions set out by you and providing a professional trustee service.

Bought a new property?

Your home is your castle, you want to ensure that your prized asset it protected from external threats and passes to who you want in the most tax efficient manner?  Speak with us to find out more.

Business

You’ve worked hard to build up your business either by yourself or with a partner but are now worried that changes in your circumstances could mean that you cannot run it in the way you always have. Or maybe you are having thoughts on how the business will continue after your death.  We can help here; from Business Lasting Powers of Attorney through to Trusts, we can ensure continuation of your business in your life or on death ensuring dispersal of the assets in the manner that you want.

Health deteriorating?

If you are worried about your or a loved ones health deteriorating, you should ensure that a trusted person can act on your behalf for both health and wellbeing and for financial matters and decisions.  We can set up and register Lasting Powers of Attorney documents which allow that trusted person to manage your affairs on your behalf.  Without this, the simplest tasks could be extremely difficult to complete if you are incapacitated to do them yourself. (With out Lasting Powers of Attorney, you will need to apply for Deputyship which can be an expensive and time-consuming process)

Received an Inheritance?

You may have received an inheritance or a gift that could take you total estate value above the Inheritance Tax threshold, we can help to protect you from such threats. If your inheritance is complicated, we can also look into and implement retrospective Estate Planning up to 2 years after death.

Taken out a new life insurance policy?

As with an inheritance, a large life insurance policy may affect where you / your beneficiaries stand with Inheritance Tax, we can help protect against this.

Changed your mind on previously appointed people as Guardians, Executors or Trustees?

Have you previously named someone as a trusted person to look after your affairs? – they may have moved, died or you could have just changed your mind, let us update your Will to reflect this.

If any of these or other change scenarios have got you thinking, then let us know – we are happy to discuss options or answer any immediate questions in a free, no-obligation consultation. Contact Us

Relevant Links

Will writing service

Lasting Powers of Attorney service

Trust establishment

The five main threats to your estate