Now the new year has settled, it is a good time to consider reviewing the contents of your will. Wills generally contain directions as to the disposal of your body. Although only an expression of a wish, it is worth considering whether your will accurately reflects those wishes. It is very helpful to express such a wish as it is one less decision for your nearest and dearest to make at a very difficult time.
The people you have appointed as executors (the people who will deal with your estate after your death) may have moved away, or possibly died themselves. If so, consideration should be given to this with them first, to ensure they are willing to act as your executors.
If you are a parent with young children, you should consider appointing guardians. It's of fundemental importance as guardians will have the responsibility of caring for your children should you die. Wills often contain gifts of either a cash sum of a specific item. You may find your feelings have changed in regard to who you wish to benefit and by how much - if at all.
A will concludes with a final gift known as the residue of your estate. This is usually the biggest gift not otherwise disposed of. It is therefore important to ensure that you will still reflects your wishes. You mat have left your residuary estate to your spouse, children or a charity, with an alternative beneficiary in the event that the first-named beneficiary has died before you. These provisions should also be reviewed if, for example, you now have grandchildren - or great-grandchildren.
It is easy to forget about your will. No one likes to consider his or her own mortality. However, periodic and careful review of the provisions of your will ensures your wishes are followed after your death and your affairs are left in an orderly manner.
If you'd like to contact a member of our team about producing or updating your will, please call Adam Jesseup on 01983 524741.
Now the new year has settled, it is a good time to consider reviewing the contents of your will. Wills generally contain directions as to the disposal o your body. Although only an expression of a wish, it is worth considering whether your will accur