Wills, Trusts + Probate
When’s the best time to write your Will? There’s never an ideal time to write a Will. But changing circumstances mean there’s a natural time for you to start planning for the future. Angela Thomas of Barcan+Kirby’s Wills + probate team looks at some of the life events that might trigger the need for you to make or update your Will. You’ve moved in together It’s not uncommon for joint homeowners to be unmarried. But that makes it doubly important that you protect your financial interests, as well as those of your partners. It’s a common misconception that your share of the property will automatically pass to your partner if you die. This is because the law of intestacy – or dying without a valid Will in place – doesn’t recognise cohabitation in the same way it recognises marriage.
Your relationship has changed
Your Will is probably the most important legal document you’ll ever own. You’ve had children
Life changes don’t get much bigger than this! Every parent needs a Will, which is why having children is often the driving force behind couples making their first Will or updating an existing one.
Life circumstances alter periodically and relationship changes are commonplace. Have you married, divorced (and remarried) or become a grandparent? If so, you may need to update your Will.
As well as appointing guardians to care for your child should anything happen to both parents, you can also invest money in trust in preparation for adulthood or to make provision for higher education.
As well as adding beneficiaries to your estate, you can also remove people if your relationship with them has ended.
Changes in your assets Throughout our lives our personal wealth can go up as well as down. If the value of your assets or estate
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has changed, now is the time to review your Will and ensure that it accurately reflects your final wishes. We can also look at ways in which you can mitigate or avoid future liabilities to tax through trusts and careful estate planning.
Regular check ups It never hurts to review your Will on a regular basis. It’s a living document and will change as you and your individual circumstances do. Your Will is probably the most important legal document you’ll ever own. But without one, the courts will decide how your estate will be distributed and it’s very likely that this won’t be as you intended. Barcan+Kirby has six offices across Bristol and Gloucestershire and a team of solicitors experienced in all areas of Wills, trusts and probate. Professional advice, simply stated.
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This firm is authorised and regulated by the Solicitors Regulation Authority. No: 568743.
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