Reasons why you should consider updating your will now!

It is said that 70% of the UK population do not have a will, and of the 30% that do have a will there is a good possibility that it is out of date, with potentially the wrong beneficiaries, or may not reflect the current intestacy rules. It is always in your best interests to review your will every 5 to 7 years.

There are reasons why you should consider updating your will right at this moment,

  1. your house is worth more than £650,000.
  2. you have more than £100,000 in your pension pot(s)
  3. you are not married
  4. you are not married and have children
  5. you are married to your 2nd (3rd) spouse and have children from your 1st spouse

Ensuring that your will is up-to-date and reflects the current asset value that you hold will have a number of tax advantages. Whilst in many situations inheritance tax cannot be completely avoided, it can in many instances be reduced, or paid only once, and not by future generations by using the correct planning.

You have created all this wealth over many years, and it would be criminal if after you’ve died your wealth finds its way into the wrong hands, or worse the taxman.

It is relatively straightforward to set up a will, however, if it is done incorrectly, it can compound rather than mitigate your situation. For more information on setting up a will for you please email us on wills@dbwpp.co.uk

Read our blog on‘Goal Setting, Accountability, and Work-Life Balance’

Read our blog on ‘The Consequences of Neglecting Your Estate Planning’