February 2020

74 Wanstead Village Directory
Will it change?
Purchasing property and getting married are key events that prompt
the need to update your will, but there are other circumstances you
may not have considered, says Hollie Skipper of Wiseman Lee Solicitors
It is no surprise that many people only
make one will during their lifetime. The
prospect of discussing your personal
affairs with a solicitor can be unsettling or
you may simply not have the time. While
changes to your address and changes to
the names and addresses of beneficiaries
do not often create a problem, why might
you need to change your will?
The most popular reason is a change within
a family relationship. Not including someone
in your will who ought to reasonably expect
to benefit is something to approach very
carefully and proper drafting of the reason
why is essential. You might want to add a
new beneficiary to your will. Simply letting
your family know that you would like to gift
someone a sum of money or personal item on
your death does not legally oblige them to do
so. Indeed, they may forget and your intended
beneficiary will go without.
Changes to your assets may also be a good
time to review your will. Perhaps you have
acquired an investment property jointly
with another and you would like your
interest to pass solely to them on your death.
Perhaps you have made lifetime gifts to your
children and would now like to benefit your
grandchildren under your will instead. A
family member passing away or the birth of
new family members can prompt the need
to change a will. With many people now
living long enough to meet their greatgrandchildren,
you may wish to ensure they
too benefit from your assets.
Choosing the right executors to administer
your estate is very important. As time passes,
you may consider the executors you originally
chose are no longer suitable. They may
be of a similar age to you and may not be
around at the time of your death or their own
circumstances may dictate they are unlikely
to have the time to devote to the process. If
you made your will when your children were
young and they are now over 18, perhaps you
would like to add them as executors.
With changes to the law, the terms of your will
may mean you do not benefit from the recent
increase in inheritance tax exemption or your
will may contain an outdated or unworkable
trust. You should ensure your assets pass in
the most tax efficient way possible.
Small changes to your will can be made by
executing a codicil, which is a supplementary
document that modifies the terms of an
existing will. This is often cheaper than
starting from scratch. However, if the updates
are substantial or the changes have a bearing
on the other operative terms of your will,
then it is best to make a new one. A properly
drafted will can have a long shelf life and
cover some foreseeable changes as your
family grows. However, I recommend you
review it regularly and seek advice if you
consider there are any changes to be made.
Wiseman Lee is located at 9–13 Cambridge
Park, Wanstead, E11 2PU. For more
information, call 020 8215 1000
To advertise, call 020 8819 6645 or visit wnstd.com