The number of times people have said that to me when asked to make a Will. ”I already have one. Made it years ago”
How naïve to think that it covers current circumstances or up to date legislation. Any Will should be reviewed at least every three years to ensure it is relevant both as regards beneficiaries, executors and compliance with current legislation.
When Wills were made years ago with High Street solicitors little attention was paid to reductions in the estate of the deceased which could arise from Inheritance Tax, Residential Care Fees or Second and Third relationships. The use of Trusts was minimal, Mirror Wills were used extensively to pass estates on to spouses and children. These all satisfied the wishes of the clients but do little now to preserve the inheritance by the next generation.
The use of Lifetime Property Protection Trusts, Asset Protection Will Trusts, Revocable Life Interest Will Trusts all ensure the protection of Assets after death and can save many thousands of pounds for the ultimate beneficiaries.
So, if you made a Will years ago, do review it now to see if you can do more to pass as much of your assets to your loved ones as possible.
