Christmas is a special time to spend with family and friends, when many of us give and receive gifts from loved ones. However, it should also be a time when you consider whether your Will requires to be reviewed. Ensuring your affairs are in order, and that your Estate will be distributed in accordance with your wishes by a trusted friend or family member, will not only bring you peace of mind, but will also help to reduce the anxiety often experienced by friends and family members when they lose someone special.
Some issues to consider are discussed in more detail below:
Christmas Gifts
You may be lucky enough to receive an extravagant Christmas present this year, such as an item of jewellery, furniture, clothes, a new car or any other high value or sentimental item. In order for such an item to be passed on to your chosen beneficiary in the event of your death, make sure you spend some time, once the excitement has died down, to amend your Will to reflect your wishes. You may be the one planning to make generous Christmas gifts – remember that such gifts can still be taken into consideration when assessing inheritance tax liability for some years after the event.
Family Engagements/Changes in Arrangements
Christmas is one of the most popular times for announcing engagements. If you have received an engagement ring that you wish to be passed to your intended spouse or another member of your family in the event of your death or if you would like to include your new fiancé as a beneficiary in your Will, you need to consider formalising your intentions by way of an amended Will.
The Executor of Your Will
If you haven’t reviewed your Will for some time, personal circumstances may have changed in relation to who you would wish to execute your Will. The original executor appointed may have become unwell or sadly passed away, or you may have divorced/separated/recently married, and this may affect your wishes. You may also wish to include a Solicitor to assist with the administration, especially if your Estate is likely to be complex or time consuming to finalise.
Ensuring your affairs are in order is a gift in itself to your loved ones. For more advice or assistance with drafting or updating your Will, please contact the Wills and Probate Team at Worthingtons Solicitors who have extensive experience on helping a wide range of clients to draw up their Wills and can provide specialist Estate Planning advice. Please call 028 9181 1538 or complete our online enquiry form.
028 9181 1538 