We all have a tendency to put things off, and making a Will is no exception. Thinking about our own mortality isn’t easy, which is why so many people either don’t have a Will or haven’t updated theirs in years.
Why Keeping Your Will Updated is Essential
Life is constantly changing, and your Will should reflect these changes. A Will is a snapshot in time, but over the years, relationships evolve, assets grow, and tax laws shift. Here’s why reviewing your Will regularly is crucial:
- Life Changes: You may have new friends, children, or grandchildren you’d like to include in your Will.
- Financial Growth: Assets such as property or investments may have significantly increased in value, requiring careful estate planning to mitigate tax implications.
- Tax Efficiency: Regularly reviewing your Will can help you take advantage of any tax-saving opportunities, ensuring more of your estate goes to your loved ones.
How Often Should You Review Your Will?
We recommend reviewing your Will every 3–5 years or whenever significant life events occur, such as:
- Marriage, divorce, or separation
- Birth of a child or grandchild
- Buying or selling property
- Changes in tax laws
The Importance of a Will for Unmarried Couples
If you are cohabiting, it is essential to make provisions for your partner. Without a Will, your partner may not inherit anything, which could create financial difficulties and uncertainty.
Take Control of Your Future
Making a Will ensures your wishes are followed and protects your loved ones from unnecessary stress and complications. Don’t leave things to chance—be proactive in securing your legacy.
If you’d like expert guidance on creating or updating your Will, our friendly Private Client team is here to help. We have offices in Kingsbridge and Plymouth.
Contact us today.
Kingsbridge: 01548 857000
Plymouth: 01752 246000
email info@beersllp.com.