There are a few things to think about in 2022 with considerations like the rising cost of living etc.
With everything seemingly increasing in cost whether its energy bills, the cost of property, the second hand car market or even, dare we say it – Freddo Bars, you should consider getting your Will written. Whilst we have no plans to increase prices we have seen other providers increase theirs in line with increasing costs.
In this short article we’re explaining why you should consider keeping your Will up to date in 2022.
1. You want to make sure your assets are distributed according to your wishes. There a few key considerations here. We all have choice as to what we do with our assets and the number and value of assets that we own will dictate what, if any, tax we pay. Monitoring our estate value is vital. Ultimately you should revisit your Will every 3-5 years.
2. You want to avoid probate. Assessing the value of our estates is a strategy that we look at for clients. Where our estate has little or no ‘value’ in terms of the size of our estate, probate may not be necessary and in some cases, estate restructuring might be worth consideration but it would require expert advice.
3. You want to appoint a guardian for your minor children. This is one of the most important and popular reasons why we write Wills for people in their thirties and forties. When people have young families, choosing who should look after them if something happens is a crucial reason to write a Will. Again, as time passes, our friendship groups may change, people may move away and our choice of guardians may also change.
4. You want to make sure your pet is taken care of. Over 50% of households in the UK have a pet. Whether you’re a dog person, a cat person or have something a little more unusual, our pets are an extension to our family. You can make provision for pets in a Will but cannot leave your estate to your pet. Instead we can create trusts for pets to ensure that they are provided for and looked after by people you choose and trust.
5. You want to make sure your debts are paid. When it comes to estate planning, before gifts are paid out our executors will draw in our assets and pay off any liabilities (or debts). It’s therefore important to choose responsible people to act as your executors.
6. You want to make sure your family is taken care of. This has the be the SOLE or primary reason why people write their Wills with us – because they care. You should note that in caring, your Will should be kept up to date. During a consultation, we spend time with you to understand your motivations and what might stand in the way of your plans coming to fruition.
