The last Will signed before your death is your Last Will and Testament, and what it says is legally binding, whether it accurately reflects your wishes or not. There are many reasons that you may wish to amend your Will.
These may include: -
Your Will may have been made when your children were young. Provision you made for them then, such as guardians and appointing family members as executors, may no longer be required.
Your children’s circumstances may have changed, meaning that you wish to change the gifts that you have made to them.
You may now have other children or even grandchildren who you want to benefit from your estate.
Your financial circumstances may have changed meaning that the value of the gifts in your Will may need to be changed.
Sadly, those mentioned in your current Will may no longer be with us
Changes in law which may affect your Will
In 2017 the Inheritance Tax rules changed, meaning that leaving your property to your children or grandchildren can result in a potential additional Inheritance Tax saving of £140,000. Not all Wills created before this time will be drafted in a way that allows you to benefit from this new relief.
While the legislation surrounding paying for Residential Care hasn’t changed in the last 20 years, house prices have. The amount of assets (including your home) that you can have before you must fund your own care is still £23,250. While some houses may have been worth less than that 20 years ago, I don’t think many will be today! There are things that can be done to protect your home and mitigate residential care fees whilst reviewing your Will.
Lasting Powers of Attorney?
These documents, available since 2007, allow you to appoint family members or friends to manage your financial and health needs should you lose mental capacity. These documents are becoming more and more important and can make life a lot easier for your chosen attorneys and, in turn, you!
Complimentary review of your current Will
As an existing client of the frim we would like to offer you a complimentary review of your current Will to provide you with the peace of mind that your Will is still fit for purpose. Following a review, you are under absolutely no obligation to instruct us to make necessary changes. However, if you do decide that you require some amendments making as a result of your review, as a valued Gosschalks client, we will offer you a 10% discount on the entire cost of any instructions provided.
To take advantage of this offer please complete our online contact request form at the following website address [online link] or call one of my colleagues Samantha Lowthorpe or Reece Thompson (contact details enclosed) referencing this Will review offer.
Help us to maintain good data
Even if you do not wish to review your Will at this moment in time, we would be grateful if you would complete the form to confirm that the Will we hold for you is still valid and the details we hold for you are correct.
Should you have any queries whatsoever regarding your Will, please contact me or any of my colleagues in the Wills & Trusts team for assistance.
Author: Paul Mounce