Blog

We all start the new year with great intentions of getting our affairs in order, and although the number of people making a Will is rising, many of them forget to keep it up to date.

Without a Will, you are leaving it for the law to decide how your estate is divided when you die, and that may not be in line with your wishes. In addition, having a Will in place can help minimise disputes and stress for loved ones at an already very emotional and upsetting time.

A Will does not have an expiry date. However if you do have a Will, remember to review and update it every five years, or beforehand if you have experienced a major life change – for example, a marriage, divorce, a new birth, or a death in your family.

Check that your Will currently reflects what you want it to say and do, and make sure you find out if there have been any changes to the law which might affect your Will, especially with regards to inheritance tax and trusts.

If you don’t, you could find your family and loved ones end up in an even worse position than if you did not have one altogether.

Some things to consider:

• Have you recently married, remarried or divorced? Remember that if you have separated but not updated your Will accordingly, your estate may still pass to your ex-partner upon your death. If you remarry and both yourself and your new partner have your own children from previous marriages, then we would strongly recommend you put measures in place to ensure your children are protected.
• Do you have new children or grandchildren that you want to account for in your wishes? Additionally, you can also specify who should be the legal guardian of your children in your Will.
• Are you cohabiting with a long-term partner? There is no longer such a thing in Scotland as a common law husband or wife, therefore your estate, which may include your house if you own it, may not automatically pass to your partner, no matter how long you have been living together.
• Are your beneficiaries up-to-date? If someone you have named as a beneficiary in your Will dies, you may need to change who should inherit this inheritance. Likewise if a named executor has died you will need to update your will accordingly.
• Do you own additional property or business assets?
• If there have been any significant changes to your financial position, then it is important to update your Will to ensure that you are aware of tax implications as well as any changes to the law that could impact your personal situation.

If your Will is not up to date it could mean that someone important is excluded from receiving an asset from your estate. By having everything down in your Will you can ensure that your wishes are carried out and your loved ones are protected.