LIFE CHANGES – SO SHOULD YOUR WILL
Life never stands still and neither should your will, says Hana Gwyn, Personal Law Partner at LCF Law.
You’ve taken the time to carefully craft your will, outlining your intentions and having it signed with the help of a solicitor. But if you think that’s the end of the story, think again. An outdated will can create just as many problems as not having one at all, potentially leaving your loved ones in legal and financial turmoil.
If your will doesn’t reflect your current circumstances, your money, possessions and assets may not go to the people you want them to. Worse still, your loved ones could face unnecessary inheritance tax or costly legal disputes if your will is contested.
Updating your will ensures that your estate is distributed according to your current wishes and safeguards your family from avoidable stress. Here’s a guide to the key life events that mean it’s time to update your will and how to make the necessary changes.
When should you update your will?
• Adding a child or stepchild
• Getting married
• Going through a divorce
• Changing relationships
• Acquiring significant assets
• Changes to executors or beneficiaries
Even without major life changes, it’s wise to review your will every 3–5 years to ensure it still aligns with your wishes and complies with current laws.
When updating a will, it’s crucial to follow proper legal procedures to ensure the changes are valid. Minor amendments can often be made using a codicil, but substantial changes may require drafting a new will. Avoid handwritten edits on your original will as this can invalidate it.
LCF Law’s experienced team can guide you through the process of updating your will to ensure that it’s valid and up to date and protects your loved ones.
For a limited time, LCF Law are planting a tree for every will they write or update in partnership with the Yorkshire Dales Millennium Trust. By updating your will with LCF Law, not only will you be protecting your assets for your family, you will also be creating a sustainable legacy for future generations to benefit from and enjoy.
To arrange a review, contact Hana Gwyn on 01423 502211 or
hgwyn@lcf.co.uk, or visit www.lcf.co.uk
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