Remember to update your Will this Winter
As the days grow shorter and the year draws to a close, winter offers a natural pause, a time to reflect, reset and prepare for the future. While many people use this season to review finances, set goals, or declutter their homes, one crucial task often gets overlooked: updating your Will.
Whether you already have a Will or considering writing one for the first time, winter is the perfect time to ensure your estate planning reflects your current wishes and circumstances.
Why Updating Your Will Matters
Your Will is more than just a legal document, it’s a roadmap for how your assets, responsibilities, and legacy will be handled after your death. An outdated Will can lead to confusion, disputes, and unintended consequences for your loved ones.
Here are some common reasons why your Will might need an update:
Major Life Changes
Have you experienced any of the following in the past year?
- Marriage or Divorce
- Birth or adoption of a child or grandchild
- Death of a beneficiary or executor
- A significant change in your financial situation
These events can dramatically affect your estate planning. For example, marriage may revoke a previous Will in some jurisdictions, while divorce might not automatically remove your ex-spouse as a beneficiary.
Change in Assets
If you’ve bought or sold property, started a business, or made large investments, your Will should reflect these changes. You want to ensure that all your assets are accounted for and distributed according to your wishes.
Executors and Guardian Updates
Is the person you named as executor still the best choice? Have your children grown up, or do you need to appoint a new guardian for minors? These roles are critical and should be reviewed regularly.
Beneficiary Revisions
Relationships evolve. You may want to add new beneficiaries, remove others, or adjust the proportions of your bequests. This is especially important if you support charities or causes that are meaningful to you.
Legal and Tax Considerations
Estate laws and tax regulations can change. An outdated Will might not take advantage of current tax benefits or may even conflict with new legal requirements. Consulting a Solicitor or estate planner can help ensure your Will remains compliant and effective.
How we can help
Updating your Will isn’t just about protecting your assets, it’s about protecting your loved ones and ensuring your legacy is honoured. This winter, take the time to review and refresh your estate plans. Speak to our Private Client Team today on 01525 378177 or email info@ommlaw.co.uk.
