Your New Year’s Resolution
The festive period is over and you have made your list of New Year's resolutions so why not add one more to the list? It is a good idea to keep your Will under regular review. This is to ensure that the Will is up to date and fit for purpose. Changes may be required for a number of reasons:-
- There may have been changes in your family circumstances. Your children may have got married or had children of their own. Sadly some beneficiaries may have died or you may have got married or divorced or separated.
- There may have been changes in your assets. You may have moved house. The value of your assets may have increased or they may have dropped in value.
- Changes in the law. There have been some significant changes in the inheritance tax rules. The introduction of the transferable nil rate band in 2007 means that it is no longer necessary, for inheritance tax purposes, to include a trust in the Wills of spouses in order to use both inheritance tax nil rate bands. In 2017 the residence nil rate band was introduced which allows further relief from inheritance tax when you leave your home to your children or grandchildren. There are certain conditions that must be complied with before this relief can be claimed.
It is a good New Year’s Resolution, therefore, to have a look at your Will and take the opportunity to review it with us to ensure that is up to date and fit for purpose. Of course, if you do not have a Will, it would be an ideal opportunity to make an appointment to see us in order to have one prepared for you.
For more information, please contact Jenny Mayhew.