Although many people in the UK do not have a will, if you are one of those who have had a will drawn up , then the temptation can be to simply forget about it. This can be almost as bad as having no will at all.
There are several actions which you should carry out on a regular basis to ensure that your will accurately reflects your wishes at the time of your death:
- Carry out a review of your documents to ensure that any trust arrangements you have put in place are still appropriate. For example, there might have been changes to the tax position, affecting the costs involved with the trust.
- Consider whether there have been any changes to your family setup. Have you remarried, divorced, adopted or had another child, for example?
- Consider whether you need to appoint a guardian for your children or review any arrangements you have made in this respect.
- Consider whether it is the right time to draw up a power of attorney enabling another to handle your financial affairs.
- Review your digital assets and decide what you wish to do with them on your death. This can be a tricky area legally with different providers operating different policies and expert advice should be sought.
- Decide, if you have not already done so, what is to happen to specific belongings – your grandmother’s watch, for example – and consider how best to communicate that decision.