How often do I need to review my will?

Regularly reviewing your will ensures that it accurately reflects your current wishes and circumstances, and the circumstances of your executors and beneficiaries. Life changes, and so might your intentions for your estate and your beneficiaries.

Here are some of the most common circumstances in which you should consider reviewing your will:

• Changes in personal circumstances: significant life events such as marriage, divorce, the birth of children or grandchildren, or the death of a beneficiary can dramatically affect your estate planning needs and desires. Following such events, it is important to review your will to ensure it aligns with your new circumstances.
• Financial changes: significant changes to your financial situation, such as acquiring new assets, selling property, changes in business interests, or receiving an inheritance, can impact how you wish to distribute your estate. Regular reviews can help ensure your will reflects your current financial landscape.
• Disposed or gifted assets: if you have specifically donated items in your will that you no longer own or have given away, your will may need updating to reflect these changes and prevent any ambiguity or disputes among your heirs.
• Legal and tax changes: updates in laws, especially those relating to Inheritance Tax, capital gains tax or estate administration, could affect your will’s effectiveness and your estate’s tax liability. Regular reviews with a wills solicitor can help you navigate these changes and adapt your estate planning accordingly.

Our wills, trusts and probate solicitors can provide expert advice on when and how to review and update your will. We understand the importance of having an up-to-date will that accurately reflects your wishes and circumstances, ensuring your legacy and your family’s future are protected as intended.

What is probate? Will my family need to obtain this on my death?

Probate is a term often used to describe the legal and financial processes involved in dealing with the property, money and assets of a person who has died. At its core, it involves validating the deceased’s will (if one exists) and administering their estate according to their wishes or the law.

Probate is generally required if the deceased owned assets worth more than £5,000, not counting any debts and funeral expenses, or if they owned assets that were held solely in their name. Additionally, some financial institutions may require probate before releasing the deceased's funds, even if the value is less than £5,000. However, if the deceased’s assets were jointly owned, they may pass directly to the surviving owner without the need for probate.

Obtaining probate typically involves the following steps:

• Determining the value of the deceased's assets, debts, and liabilities.
• Completing and submitting the necessary forms to the Probate Registry, along with the original will (if one exists) and the death certificate.
• Paying any Inheritance Tax due to HM Revenue & Customs.
• Collecting the deceased's assets, paying off any debts, and distributing the remainder of the estate to the beneficiaries as per the will or rules of intestacy.

The probate process can be complex and time-consuming, especially during bereavement. At Walker Foster, our solicitors provide expert guidance and support to families navigating any and all probate matters. Whether you require assistance with obtaining a grant of probate, administering an estate, or understanding your duties as an executor or administrator, our probate team is here to help.

What is a Lasting Power of Attorney? Who should have one?

A Lasting Power of Attorney (LPA) is a legal document that allows you to appoint one or more trusted individuals, known as 'attorneys', to make decisions on your behalf should you lose the mental capacity to do so yourself. It is an essential tool for anyone who wants to ensure their health, welfare and financial affairs can be effectively managed according to their wishes, even if they are no longer able to communicate or make decisions.

There are two main LPA types:

• Health and welfare LPAs, which cover decisions about your day-to-day care, medical treatment, living arrangements, and life-sustaining measures, when you are unable to do so yourself.
• Property and financial affairs LPAs, which allow your appointed attorney to handle your financial affairs, such as managing bank accounts, selling property, handling investments, and dealing with pensions and benefits. Unlike the health and welfare LPA, this can be used as soon as it is registered, with your consent.

When setting up an LPA, you can specify conditions and restrictions to tailor the powers granted to your attorneys, ensuring they act within your preferred boundaries.

Having an LPA in place is a form of future-proofing your wellbeing and financial security. Our dedicated team of solicitors specialising in LPAs can provide expert advice and assistance in getting these set up.