Was Benjamin Franklin right about death and taxes....

…. being ‘the only things certain in life’?

Perhaps he was, but we’d like to throw ‘change’ into the mix.

When talking death and taxes, you’d be forgiven for thinking that your will ticks those boxes, yes? But what impact do you think ‘change’ might have on your will?

In today’s society, the good news is that we’re all living longer and, in doing so, the opportunity for significant ‘change’ in our lives is greater. Some may marry, divorce and re-marry (twice!).

Our lives may be blessed with children, step-children, grandchildren and great grandchildren. There may be new partners or spouses, family relationships may break down or be rebuilt, we make new friends and can sadly lose loved ones.

Fortune could be inherited, earned or lost, and tax laws can (and do) change. We may become more charitable as we age or we may simply change our minds.

Any one of these life ‘changes’ may not only lead you to change how you wish your assets to be distributed when you are gone, but may also impact on the execution of your will.

For instance, did you know:

1. A will made prior to marriage may be revoked when you marry
2. If you marry and name your spouse in your will but subsequently separate (rather than divorce), your spouse is still provided for unless you change your will accordingly 
3. Failing to name legal guardians in your will  could mean that the care of your children is decided by the courts and, in the worst case scenario, your children may be placed into care whilst this process is conducted
4. A current will naming specific children/grandchildren won’t make provisions for any additional future children/grandchildren
5. A step-child has no legal rights to a step-parents estate and won’t be provided for unless specifically mentioned in your will
6. In the event of increased personal wealth (e.g. inheritance), careful estate planning and management can help reduce any future inheritance tax liabilities

Whatever the change, it makes sense to ensure that your will reflects your current life circumstances and wishes.  

By reviewing and keeping your will up to date, you can avoid acrimonious family disputes or relationship rifts, reduce the grief of loved ones during a painful and difficult period, minimise the likelihood of challenges to your will and ultimately ensure that your wishes are honoured.

It’s your life, your choices, your say.

Changing your will is both simple and straightforward, and need not cost the earth. With ease, you can add, alter or delete parts of your will, or even create a new one if necessary.

If you’d like more information or just a quick chat about changing your will, please contact Emma Stride or Lisa Rutter on 01606 48777.

This article has been written for your general information only and is not a detailed statement of the law. It should not be used as a substitute for specific legal advice. If you require specific legal advice please do not hesitate to contact us on 01606 48777.