McHale & Co. Solicitors Blog

Updating Your Will

An online poll has revealed that more than 50 per cent of people have never revised their will following changes in circumstances, putting their assets at risk after death.

Creating a will provides you with the opportunity to make a judgement over the distribution of your belongings, such as real estate, houses, cash, stocks, cars, jewellery, furniture and more.

A will can also direct a smooth transition of assets of a business or investments, while it also allows those with children the ability to provide or arrange for their care and dictate the assets they receive.

However, it is important to review and update this legal document to reflect changes like getting divorced, having a child, moving house or if the executor named in the will dies. In addition, any existing will is automatically revoked after marriage, meaning it is no longer valid.

A will also needs to be consistent with finances, as an increase in wealth impacts inheritance tax, which would be identified in a review to then examine the available exemptions and allowances.

We always recommend regularly assessing your will and our team of professionals can provide you an expert service in this area. Whether you are updating the document or writing a new one, get in touch with us on 0161 928 3848 or email mch@mchaleandco.co.uk.

 

Tags: None

Leave a comment

Leave a Reply



(Your email will not be publicly displayed.)