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Changing circumstances – reviewing your Will

When your child leaves home, the change is felt throughout the family. This is the perfect time to take stock and focus on your own life and…

After the drama of A-level results, the scramble to get everything prepared for university is complete and the children, kids no longer, are off to university.

For the freshers, the new term brings all manner of new opportunities and the same could be said for their parents. When your child leaves home, the change of circumstances are felt throughout the family. Your home may feel a little emptier and will require a period of adjustment. This is the perfect time to take stock and focus on your own life and ambitions. 

It is a essential to review your Will and ensure it still reflects your wishes. If your Will was made when your children were young, it will undoubtedly be out of date! Are any changes required to your choice of executors or beneficiaries? What changes have there been in the law, especially taxation? Is the structure of your Will still relevant? Any foreign assets you own such as property abroad will need careful consideration and you may need a foreign Will to deal with that asset.

You should ensure you have powers of attorney in place. These are powerful documents which appoint an attorney to manage your affairs if you lose mental or physical capacity. 

If you are nearing retirement, your pension arrangements will need review and you should consider whether to utilise this asset as an income stream or for capital growth. (An independent financial advisor can guide you through assessing your financial health and releasing capital to help you enjoy your retirement.) 

Weightmans offer a free Will review service to assess your existing arrangements. Please contact the Wills, Tax, Trusts and Probate Team for further information.

Weightmans LLP is a top 45 national law firm

Shahida Jogi is an Associate Solictor in the Wills, Tax, Trusts and Probate Team